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Updated: July 15, 2025
This means that the Government is firmly committed to protect business and the people against the dangers of recession and against the evils of inflation. This means that the Government must adapt its plans and policies to meet changing circumstances. At the present time, our prosperity is threatened by inflationary pressures at a number of critical points in our economy.
We shall continue on a sensible course of fiscal and budgetary policy that we believe will keep our economy growing without new inflationary spirals; that will finance responsibly the needs of our men in Vietnam and the progress of our people at home; that will support a significant improvement in our export surplus, and will press forward toward easier credit and toward lower interest rates.
Now, when the inflationary pressures of the war and the post-war years no longer threaten, and the dollar commands new respect now, when no military crisis strains our resources now is the time to act. We cannot afford to be timid or slow. For this is the most urgent task confronting the Congress in 1963.
Typically, a post-recessionary period has been marked by vigorous economic growth aided by anti-recessionary policy measures such as large tax cuts or big, stimulation spending programs. I have declined to recommend such actions to stimulate economic activity, because the persistent inflationary pressures that beset our economy today dictate a restrained fiscal policy.
Wages the price of labor are left out. The price of money interest rates is excluded. Even if these were to be included, the way inflation is defined and measured today, they would have been grossly misrepresented. Consider a deflationary environment in which stagnant wages and zero interest rates can still have a negative or positive inflationary effect.
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