The American Presidency Project
John T. Woolley & Gerhard Peters • Santa Barbara, California return to original document
• John F. Kennedy
Statement on the Midyear Budget Report by Senator John F. Kennedy
October 5, 1960

Senator John F. Kennedy today declared that--

the midyear budget report shows our fiscal stake in full employment.

Rising unemployment and slack business conditions will cause a loss of at least $2 billion in anticipated revenue--

Kennedy said.
The failure of corporate profits to rise and the consequent loss of expected corporate tax collections has caused a substantial change in the budget picture.

The $2-billion loss of budgeted revenue would have fully financed the Democratic program of Federal aid to education, the Democratic housing program, and the Democratic program for area redevelopment; a return to conditions of full employment will mean not only more jobs, but also greater revenue to the Government.

By revising downward their estimate of revenues, the mid-year budget report has officially admitted the current state of stagnation in our economy. The time has come to elect an administration committed to a policy of full employment.

Citation: John F. Kennedy: "Statement on the Midyear Budget Report by Senator John F. Kennedy", October 5, 1960. Online by Gerhard Peters and John T. Woolley, The American Presidency Project. http://www.presidency.ucsb.edu/ws/?pid=60420.
 
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