Pacific Stars And Stripes Newspaper Archives Jan 28 1967, Page 17

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Pacific Stars and Stripes (Newspaper) - January 28, 1967, Tokyo, Japan We must guard our lbs warns in More of the increase than we wanted represented higher the gain was nearly Washington is a partial text of president Johnsons economic message a healthy and productive Economy is a bulwark of around the world and Here at our trials of our works of our quest for our search for knowledge and our efforts to enrich our environment Are buttressed by an amazing productive Power in purely material most americans Are better off than Ever an average of 74 million persons were at work in million More than in 1965 the value of our total production of goods and services in 1966 was or per higher than Southeast we will have a balance of payments in the year ahead we Are deter nine to maintain a mod rate Advance we need no fur her slowdown we can tolerate no new spurt of the specific fiscal program i am recommending includes surcharge of 6 per cent on he tax liabilities of exempting persons in the lowest come brackets same 6 per cent sur charge on the tax liabilities of the surcharge will provide for billion of extra revenues in fiscal year 1968 on a National in come accounts substantial y offsetting the expansion of illion in defense we have fashioned a fiscal pro ram for sustainable with the we now see a Rise of about billion in our no in growth dividend lose to 4 per cent in real from the beginning of 1961 until the United states enjoyed both Price stability and a strongly expanding Economy last that record was Blem consumer prices Rose per cent Between 1965 and wholesale prices per restoring Price stability is one of our major such an improvement will re quire Steps toward Price stability fiscal and monetary policies efforts to help relieve the key Points of pressure on prices responsible conduct of those in business and labor who have the Power to make Price and wage the current year is a critical one for our International economic policies and for the economic Progress of the world comm the administration is commit Ted to reducing barriers to inter National the Kennedy round of Trade negotiations is now entering its final and most critical phase never before has there been such a splendid Opportunity to in per cent after correction for Price changes corporate profits after taxes advanced More than 8 per cent per Dollar of Sale they were roughly unchanged from the High rate of net income per farm Rose More than 10 per the single most meaningful measure of economic Well being is real disposable income per after tax purchasing Power in stable available on the average to every and it Rose 3 per cent o r per person in serious problems in spite of gains Prosperity is everywhere Evi but Prosperity is never without some of them were nearly 3 million workers were without jobs at the end of another halt million to 1 Mil lion potential workers were not even counted As Many had Long ago abandoned any search for a some had never but even among those who worked some 2 Mil lion breadwinners particularly the lows killed with Large Fame incomes insufficient to support a minimum Standard of decent and 6 million families were poor because the Heads of their households were unable to work either severely Handi or a widowed or deserted Mother with Young Price less than in Many comparable periods were greater than we wanted or should Long it is the Price spiral we must and can but it will re quire responsible action on the part of achieving equilibrium in our balance of payments remained a in spite of Strong new Economy brakes were painful interest rates in 1966 were As High As at any time in 40 the brakes applied last Yeai but tight Money worked painfully and it pm construction by More than Bil lion during its Impact was equivalent to a heavy across the Board tax but with Mosi of its effect concentrated on single now that the Economys and Vance is again More moderate the Burden of tight Money is be ing interest rates Are stil extremely High but they Are moving Down from t h e i i i am now recommending fur ther Steps to strengthen our external yet so Long As we remain heavily engaged in if Pacific stars stripes 1967 souk United state of labor i 419s7s92 100 mama Jaso no j o n 0 Chart shows the consumer Price Index at the end of 1966 at durable commodities were at yearned and food was prices Rose per cent during a crease world must not be but the Kennedy is not the end of the Road we must begin to shape a Trade policy for the next decade that if responsive to the needs of Bot the less developed and the advanced coun we should seize every Opportunity to and enlarge Bridges of peaceful exchanges with the countries of Eastern Europe and the soviet Union i again urge the Congress to pro vide authority to expand our Trade relations with Eastern Europe and the soviet the United states will continue to respond constructively to the aspirations of the developing a there be in shape of the Economy Washington is How president Johnsons Council of economic advisers expects the various sectors of the nations Economy to behave in 1967 As compared with the individual sectors All add up to the Gross National which gives a Market value to All the goods and services produced in the country each totals Are Given in billions sector consumption housing business plants and equipment change in business inventories net exports Federal government state and local governments Gross National product 1966 i 1967 495 25 82 6 6 89 84 787 change creasing efforts to make both the receiving and giving of Aid a mat Ter for creative International i now 1 the Congress should extend the interest equalization strengthened to july this tax has proved extremely useful in limiting the borrowing of developed countries in our capital markets and in reinforcing the Federal Reserve voluntary am therefore requesting authority to adjust the rates of the interest equalization tax As monetary conditions so that the effective Impact on interest costs can be varied Between Zero and per this would replace the present Flat 1per cent Impact 2 the most satisfactory Way to arrest the increasing Gap Between american travel abroad and fore Ign travel Here is not to limit the former but to stimulate and encourage the i shall appoint a special Industry gov Ern ment task Force to make specific recommendations by May on How the Federal govern ment can Best stimulate foreign travel to the United continuation and expansion by billion of the lending authority of the Export import Bank in order to support the expansion of the american City is not Obs but cities Are in Tui i have just appointed a commis examine problems of and development standards and to re commend ways to increase the Supply of Low Cost total holdings in the nations stockpile of strategic and critical materials now stand at Bil of this billion Are excess to our defense needs As presently i will ask the Congress for authority to dispose of additional Stock pile bringing to about billion the present value of excess stockpile material available for despite All our efforts for an honorable peace in the War i cannot predict when it will thus our plans must assume its Long adjustments for peacetime but when the Welcome Day of peace we will need Quick adjustments in our economic to we must be prepared for those ready to act to avoid interruption of our Prosperity and to take full and immediate advantage of our i am instructing the Heads of the relevant Agen cies in the executive under the leadership of the chair Man of the Council of economic to begin at once a major and coordinated Effort to re View our readiness our task for 1967 is to sustain further sound and rewarding economic Progress while we move toward solutions for the problems we met in it will require a flexible and delicate balance of economic above we must guard against any interruption of our

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