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Statement on the Midyear Budget Report by Senator John F. Kennedy

October 05, 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.

John F. Kennedy, Statement on the Midyear Budget Report by Senator John F. Kennedy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/274396

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