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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.
And our resolve is being tested there as well. Here, especially, the world is watching to see how this nation responds. Today over 90 percent of the people of Latin America live in democracy. Democracy is on the march in Central and South America. Communist Nicaragua is the odd man out suppressing the church, the press, and democratic dissent and promoting subversion in the region.
Listen to this, if we set aside 60 percent of the surplus for Social Security and 16 percent for Medicare over the next 15 years, that savings will achieve the lowest level of publicly-held debt since right before World War I in 1917.
Yet, as long as a country such as Poland is incapable of absorbing disseminating and utilizing more than 28 percent of the aid it is currently entitled to veteran EU members rightly question its administrative ability to tackle much larger provisions c. $20 billion in the first three years after accession. The prolonged and irascible debate has taken its toll.
Let us insure that older Americans, and neglected Americans, share in their Nation's progress. We should raise social security payments by an overall average of 20 percent. That will add $4 billion 100 million to social security payments in the first year. I will recommend that each of the 23 million Americans now receiving payments get an increase of at least 15 percent.
It is an enterprise in statecraft after the order of Macchiavelli, Metternich, and Bismarck. Of course, the conciliatory fables given out by the diplomatic service, and by the other apologists, are to be taken at the normal discount of one-hundred percent. The relatively large current output of such fables may afford a hint as to the magnitude of the designs which the fables are intended to cover.
Thirteen percent wheat will not make a decent loaf fourteen percent is generally considered #2 quality and comprises the bulk of cheap bread grain. When you hear in the financial news that a bushel of wheat is selling for a certain price, they mean #2. Bakers compete for higher protein lots and pay far higher prices for more protein.
The Percy Driscoll estate was in such a crippled shape when its owner died that it could pay only sixty percent of its great indebtedness, and was settled at that rate.
It is a fact known to every observing physician that from fifty to seventy-five percent of all women have some kind of misplacement of the genital organs and that only a comparatively small number of these suffer from local disturbances, indicating that, in most cases, misplacement alone will not create serious trouble.
We have devoted only 15 percent of our national income to national defense. As will appear in my Budget Message tomorrow, our war program for the coming fiscal year will cost 56 billion dollars or, in other words, more than half of the estimated annual national income. That means taxes and bonds and bonds and taxes. It means cutting luxuries and other non-essentials.
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