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They are eager to face the risks inherent in our system of free enterprise. They do not want a postwar America which suffers from undernourishment or slums or the dole. They want no get-rich-quick era of bogus "prosperity" which will end for them in selling apples on a street corner, as happened after the bursting of the boom in 1929.
And for the immediate future the business prospects are generally so favorable that there is danger of such feverish and opportunistic activity that our grave postwar problems may be neglected. We need to act now with full regard for pitfalls; we need to act with foresight and balance.
This increase reflects chiefly payment of interest on additions to the debt this year. Assuming continuance of present interest rates, the Government's interest bill is now reaching the probable postwar level. An estimated total of 1,585 million dollars of refunds will be paid to individuals and corporations during the fiscal year 1947.
And in a few moments, I'm going to talk about three developments arms reduction, the Strategic Defense Initiative, and the global democratic revolution that, when taken together, offer a chance none of us would have dared imagine 7 years ago, a chance to rid the world of the two great nightmares of the postwar era.
The rate at which the United Kingdom will draw on the credit will depend on the rapidity with which it can reconvert its economy and adapt its trade to the postwar world. The anticipated rate of expenditure is likely to be heaviest during the next 2 years.
This increase reflects chiefly payment of interest on additions to the debt this year. Assuming continuance of present interest rates, the Government's interest bill is now reaching the probable postwar level. An estimated total of 1,585 million dollars of refunds will be paid to individuals and corporations during the fiscal year 1947.
They are eager to face the risks inherent in our system of free enterprise. They do not want a postwar America which suffers from undernourishment or slums or the dole. They want no get-rich-quick era of bogus "prosperity" which will end for them in selling apples on a street corner, as happened after the bursting of the boom in 1929.
To aid the middle-income families, I recommend that the Congress enact new legislation authorizing a vigorous program to help cooperatives and other nonprofit groups build housing which these families can afford. Rent control has done a great deal to prevent the housing shortage from having had worse effects during this postwar period of adjustment.
In making this comparison account should be taken of the fact that, while prewar expenditures were affected by direct relief and work relief for the unemployed, the postwar budgets are affected by the considerable increase in pay rates and other increases in costs and prices.
The farmers must be assured of a fair minimum price during the readjustment period which will follow the great, excessive world food demands which now prevail. We must have some floor under farm prices, as we must have under wages, if we are to avoid the dangers of a postwar inflation on the one hand, or the catastrophe of a crash in farm prices and wages on the other.
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