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Updated: June 10, 2025
Government expenses were carefully scrutinized. Total spending was cut by 14 billion dollars below the amount planned by the previous Administration for the fiscal year 1954. This made possible and it was appropriate in the existing circumstances of transition to a peacetime economy the largest tax cut in any year in our history.
The present-day town has sadly shrunk from its former grandeur, but still has an impressive look with its great walls and massive gateways. The houses nearest the walls are in ruins or uninhabited; but in peacetime the great reputation that the climate of Samarra possesses for salubrity draws to it many Baghdad families who come to pass the summer months.
This involves, as a serious and explicit purpose of our foreign policy, the encouragement of a hospitable climate for such investment in foreign nations. Third: Availing ourselves of facilities overseas for the economical production of manufactured articles which are needed for mutual defense and which are not seriously competitive with our own normal peacetime production.
Accept the benefits of Federal Express that can be federalized during times of national emergency as a costly, but ready augmentation to military supply lines that has no cost during the much longer periods of peacetime. Our nation has other industrial capacities that also have duplicate military capabilities.
Many gaps exist in the private financial mechanism, especially in the provision of long-term funds for small- and medium sized enterprises. In the peacetime economy the Reconstruction Finance Corporation will take the leadership in assuring adequate financing for small enterprises which cannot secure funds from other sources.
The work of the Smaller War Plants Corporation is being carried on in peacetime by the Federal Loan Agency and the Department of Commerce. The fundamental approach to the job of encouraging small concerns must be based on: 1. Arrangements for making private and public financial resources available on reasonable terms.
But in the next few years American agriculture can face the same dangers it did after World War I. In the early twenties the Nation failed to maintain outlets for the new productive capacity of our agricultural plant. It failed to provide means to protect the farmer while he adjusted his acreage to peacetime demands. The result we all remember too well.
Delicate and intricate relationships, involving us all in countless ways, must be carefully considered. On the domestic scene, as well as on the international scene, we must lay a new and better foundation for cooperation. We face a great peacetime venture; the challenging venture of a free enterprise economy making full and effective use of its rich resources and technical advances.
"But during these same wars we also develop another type. He is the born commando, the secret agent, the expendable man who lives on action. There are not many of this kind, and they are potent weapons. In peacetime that particular collection of emotions, nerve, and skills becomes a menace to the very society he has fought to preserve during a war.
That larger objective of reconverting wartime America to a peacetime basis is one for which your government is laying plans to be submitted to the Congress for action. But the members of the armed forces have been compelled to make greater economic sacrifice and every other kind of sacrifice than the rest of us, and they are entitled to definite action to help take care of their special problems.
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