The millions of productive jobs that a program of this nature could bring are jobs in private enterprise. They are jobs based on the expanded demand for the output of our economy for consumption and investment. Through a program of this character we can maintain a national income high enough to provide for an orderly retirement of the public debt along with reasonable tax reduction.
Our present tax system geared primarily to war requirements must be revised for peacetime so as to encourage private demand.
While no general revision of the tax structure can be made until the war ends on all fronts, the Congress should be prepared to provide tax modifications at the end of the war in Europe, designed to encourage capital to invest in new enterprises and to provide jobs. As an integral part of this program to maintain high employment, we must, after the war is over, reduce or eliminate taxes which bear too heavily on consumption.
The war will leave deep disturbances in the world economy, in our national economy, in many communities, in many families, and in many individuals. It will require determined effort and responsible action of all of us to find our way back to peacetime, and to help others to find their way back to peacetime--a peacetime that holds the values of the past and the promise of the future.
If we attack our problems with determination we shall succeed. And we must succeed. For freedom and peace cannot exist without security.
During the past year the American people, in a national election, reasserted their democratic faith.
In the course of that campaign various references were made to "strife" between this Administration and the Congress, with the implication, if not the direct assertion, that this Administration and the Congress could never work together harmoniously in the service of the Nation.
It cannot be denied that there have been disagreements between the legislative and executive branches--as there have been disagreements during the past century and a half.
I think we all realize too that there are some people in this Capital City whose task is in large part to stir up dissension, and to magnify normal healthy disagreements so that they appear to be irreconcilable conflicts.
But--I think that the over-all record in this respect is eloquent: The Government of the United States of America--all branches of it--has a good record of achievement in this war.