Statement by the President on the New Level of Personal Income in the United States.

I AM HAPPY to announce a historic milestone in the economic progress of the United States. Personal income rose $3.3 billion in November to a seasonally adjusted annual rate of $502 billion, crossing the half trillion dollar mark for the first time.

This is a tremendous achievement for the American people and for our free enterprise system. Never before in our history or in the history of any other country has there been such an outpouring of the means to buy the good things Of life. And never before have so many people shared in this wealth.

Most of the November rise in personal income occurred in private wages and salaries, reaching a seasonally adjusted annual rate of $340 billion. This represents a 25 percent increase over the 1960 level for wages and salaries and for total personal income.

While we still face the challenge of eliminating poverty from our society, this great income gain in the last 4 years clearly demonstrates that we have the means to achieve a decent standard of living for all Americans. It shows what American business, labor, agriculture, and the Government can accomplish by working together for the common good.