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Updated: June 21, 2025
But Putin is not Boris Yeltsin, his inebriated predecessor who over-played his hand in opposing NATO's operation in Kosovo in 1999 only to be sidelined, ignored and humiliated in the postwar arrangements. Russia wants a free hand in Chechnya and to be heard on international issues.
We have cut the war program to the maximum extent consistent with national security. We have held our peacetime programs to the level necessary to our national well-being and the attainment of our postwar objectives. Where increased programs have been recommended, the increases have been held as low as is consistent with these goals. I can assure the Congress of the necessity of these programs.
To attain some of these objectives and to meet the other needs of the United States in the reconversion and postwar period, I have from time to time made various recommendations to the Congress. In making these recommendations I have indicated the reasons why I deemed them essential for progress at home and abroad.
A bill is also pending providing for retirement after a certain number of years of service, although they have not been consecutive, which should have your favorable consideration. These faithful servants of the Government are about the last that remain to be provided for in the postwar readjustments.
Low interest rates will be an important force in promoting the full production and full employment in the postwar period for which we are all striving. Close wartime cooperation between the Treasury Department and the Federal Reserve System has made it possible to finance the most expensive war in history at low and stable rates of interest. This cooperation will continue.
We cannot afford to float along ceaselessly on a postwar boom until it collapses. It is not enough merely to prepare to weather a recession if it comes. Instead, government and business must work together constantly to achieve more and more jobs and more and more production which mean more and more prosperity for all the people.
It must happen to the men in France that, living so near the edge of death, they are more aware of life than we are. When they come back, when the postwar days set in, will they keep that vision, letting it play on life ... or must it fade?
Today we face both an immediate emergency and a major postwar problem. Since VJ-day the wartime housing shortage has been growing steadily worse and pressure on real estate values has increased. Returning veterans often cannot find a satisfactory place for their families to live, and many who buy have to pay exorbitant prices. Rapid demobilization inevitably means further overcrowding.
The successful conclusion of the Victory loan marked the end of war borrowing and the beginning of the transition to postwar debt management. Because of the success of the Victory loan, I am happy to report that the Treasury will not need to borrow any new money from the public during the remainder of the present fiscal year except through regular sales of savings bonds and savings notes.
Europe's postwar miracle was founded on these cheap, plentiful and oft-replenished Gastarbiter "guest workers". Objective studies have consistently shown that immigrants contribute more to their host economies as consumers, investors and workers than they ever claw back in social services and public goods.
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