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Updated: June 10, 2025
For example, the establishment of new peacetime industries in the Western States and in the South would, in my judgment, add to existing production and markets rather than merely bring about a shifting of production. I am asking the Secretaries of Agriculture, Commerce, and Labor to explore jointly methods for stimulating new industries, particularly in areas with surplus agricultural labor.
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.
Let us generously help those who are not able to help themselves. But let us stop helping those who are able to help themselves but refuse to do so. The second great goal is to achieve what Americans have not enjoyed since 1957 full prosperity in peacetime. The tide of inflation has turned.
And that program requires consideration in connection with the Budget, which is the annual work program of the Government. Since our programs for this period which combines war liquidation with reconversion to a peacetime economy are inevitably large and numerous it is imperative that they be planned and executed with the utmost efficiency and the utmost economy.
In line with my request the Congress, this week, is voting the largest appropriation ever asked by the Army or the Navy in peacetime, and the equipment and training provided for them will be in addition to the figures I have given you. The world situation may so change that it will be necessary to reappraise our program at any time.
To offset inflationary distortions and to generate more economic activity, the corporate tax rate will be reduced from 48 percent to 42 percent. Now let me turn, if I might, to the international dimension of the present crisis. At no time in our peacetime history has the state of the Nation depended more heavily on the state of the world.
In successful prosecution of the war, the nation called for the utmost effort of its farmers. Their response was superb, their contribution unsurpassed. Farmers are not now to be blamed for the mountainous, price-depressing surpluses produced in response to wartime policies and laws that were too long continued. War markets are not the markets of peacetime.
As the year 1947 begins, the state of our national economy presents great opportunities for all. We have virtually full employment. Our national production of goods and services is 50 percent higher than in any year prior to the war emergency. The national income in 1946 was higher than in any peacetime year. Our food production is greater than it has ever been.
Were we prepared, in peacetime, to keep on moving toward full realization of the democratic promise? Or would we let it be submerged, wiped out, in post-war riots and reaction, as after World War I? We answered these questions in a series of forward steps at every level of government and in many spheres of private life.
Failure to recognize that basic fact by a timely adjustment of wartime legislation brought its inevitable result in peacetime surpluses, lower prices and lower incomes for our farmers. The dimensions of government responsibility are as broad and complex as the farm problem itself. We are here concerned not only with our essential continuing supplies of food and fiber, but also with a way of life.
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