When I speak of actions which would be beneficial to the American people, I can think of none more important than for the Congress to join this administration in the battle to stop the rise in the cost of living.
Now, I realize it is tempting to blame someone else for inflation. Some blame business for raising prices. Some blame unions for asking for more wages.
But a review of the stark fiscal facts of the 1960's clearly demonstrates where the primary blame for rising prices must be placed.
In the decade of the sixties the Federal Government spent $57 billion more than it took in in taxes.
In that same decade the American people paid the bill for that deficit in price increases which raised the cost of living for the average family of four by $200 per month in America.
Now millions of Americans are forced to go into debt today because the Federal Government decided to go into debt yesterday. We must balance our Federal budget so that American families will have a better chance to balance their family budgets.
Only with the cooperation of the Congress can we meet this highest priority objective of responsible government. We are on the right track.
We had a balanced budget in 1969. This administration cut more than $7 billion out of spending plans in order to produce a surplus in 1970, and in spite of the fact that Congress reduced revenues by $3 billion, I shall recommend a balanced budget for 1971.
But I can assure you that not only to present, but to stay within, a balanced budget requires some very hard decisions. It means rejecting spending programs which would benefit some of the people when their net effect would result in price increases for all the people.
It is time to quit putting good money into bad programs. Otherwise, we will end up with bad money and bad programs.