Memorandum for the Secretary of the Treasury, the Secretary of Defense, the Secretary of Labor, the Acting Secretary of Commerce, the Director, Bureau of the Budget, the Chairman, Council of Economic Advisers
SUBJECT: Economic Planning for the End of Vietnam Hostilities
As I indicated in my Economic Report, I am directing the relevant agencies in the Executive Branch to begin at once a major and coordinated effort to review our readiness to make the economic adjustments which a termination of hostilities in Vietnam might require. As suggested in the Economic Report, we must:
--consider possibilities and priorities for tax adjustment
--prepare, with the Federal Reserve Board, plans for quick adjustments of monetary and financial policies
--determine which high priority programs can be quickly expanded
--determine priorities for the longer range expansion of programs to meet the needs of the American people, both through new and existing programs
--study and evaluate the future direction of Federal financial support to our States and local governments
--examine ways in which the transition to peace can be smoothed for the workers, companies, and communities now engaged in supplying our defense needs, and for the men released from our armed forces.
I am asking those to whom this memorandum is addressed to serve as a coordinating committee for the necessary studies. It will be necessary, of course, to draw on the resources of many other departments and agencies.
I have asked Gardner Ackley, the Chairman of the President's Council of Economic Advisers, to organize and chair this effort.
LYNDON B. JOHNSON