In 1963, for the first time in history, we crossed the 70 million job mark, but we will soon need more than 75 million jobs. In 1963 our gross national product reached the $600 billion level $100 billion higher than when we took office. But it easily could and it should be still $30 billion higher today than it is.
While special Vietnam expenditures for the next fiscal year are estimated to increase by $5.8 billion, I can tell you that all the other expenditures put together in the entire Federal budget will rise this coming year by only $.6 billion.
It will call for new obligational authority of $103,800 million a reduction of more than $4 billion below last year's request of $107,900 million. But it is not a standstill budget, for America cannot afford to stand still. Our population is growing. Our economy is more complex. Our people's needs are expanding.
The money spent on tourist-travel in Europe is said to be more than half a billion dollars a year.
I grant you a cautious business manager would not walk in among the gold-sellers and purchase ten billion dollars' worth of gold in a day; and for the same reason that a cautious cowboy wouldn't ride in among a bunch of cattle and flap a blanket. Not because there lurks inherent peril in so doing, but for that in the timid ignorance of the herd it would produce a stampede."
Even today, though nearly 1 in 3 Soviet families is without running hot water and the average family spends 2 hours a day shopping for the basic necessities of life, their government still found the resources to transfer $75 billion in weapons to client states in the past 5 years clients like Syria, Vietnam, Cuba, Libya, Angola, Ethiopia, Afghanistan, and Nicaragua.
It is my conviction that down in their hearts the American public industry, agriculture, finance want this Congress to do whatever needs to be done to raise our national income to eighty billion dollars a year. Investing soundly must preclude spending wastefully.
The peace offensive failed. More than that, the people resented it in a prompt and highly practical way. They oversubscribed the six billion loan. Most of them, especially the smaller subscribers, doubled their subscriptions in the last two days of the time allotted for the flotation. October 7th, President Wilson answered Prince Max's request with a refusal.
"But here in our Christian land, in city and country, this great man-eatin' trade costs the country over a billion dollars a year, and devours one hundred and twenty thousand men each year, and destroys the soul and mind first, before it tackles the body. "They go as fur ahead of cannibals in this wickedness as eternity is longer than time.
It will provide $4.6 billion in each of the next three years to cities, counties and towns. This program is essential to the continued ability of our local governments to provide essential police, fire and sanitation services. This legislation renewing GRS will be the cornerstone of Federal-State-local government relations in the 1980's.