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Statement of the Vice President of the United States on Kennedy Fiscal Policy, San Jose, CA

November 05, 1960

Mr. Kennedy faced both ways in Virginia yesterday. Since Virginians are known for their fiscal prudence and do not take kindly to freewheeling spenders, he offered them some well-tailored remarks.

In Norfolk, Mr. Kennedy said: "I commit myself and my party to a sound fiscal policy in the 1960's."

What does he take those Virginians and the rest of the American people for?

He will be listened to on his promises of sound fiscal policy when he:

Repudiates the pledges from his Los Angeles platform which would add more than 15 billion annually to the Federal budget; or

Tells us how he plans to pay for what he has promised - higher taxes, deficit-financed higher prices, or both;

Retracts statements clearly foreshadowing the reduction of the independent Federal Reserve System to White House vassalage in order to carry out his cheap money policy;

Abandons his fantastic farm plan which will put our farmers under virtual police-state controls and raises the price of food 25 percent.

He can't have it both ways. He can't go to Virginia and be sensible for one hour of one day of one week, and then during the rest of the time espouse his platform's free-spending, cheap-money doctrines.

America is a, big place but not so big that such tactics go undiscovered.

It is synthetic bunk for Mr. Kennedy to represent to the American people that his lavish spending programs can be financed as he has sought to do, by closing tax loopholes, by economies in administration, or by economic growth.

What loopholes is he going to close - the oil and gas depletion allowance? Has he cleared that with Lyndon?

Just what administrative economies is he going to make? Does the past record show that such an administration ever achieved any important economies, or is their record one of more bureaus, bigger payrolls, more waste? You know the answer.

Does he think he can spur the economy's growth by some $85 billion in 1 or 2 years? That is what he would have to do to get his $16 billion a year of new revenues at going tax rates. Short of war, Mr. Kennedy cannot spend us into prosperity. If he tried, the country would have a Kennedy inflation followed by a Kennedy depression and at the end of such a cycle the Kennedy dollar would be shrunken indeed. So would the value of your social security pensions, savings, and your paycheck.

So Mr. Kennedy is still faced with that annoying little question that, will not go away:

Where is the money coming from?

He can either renounce his irresponsible platform promises and make a real try at a sound fiscal policy, or he can stick with his free-spending, loose-money program and its high-tax, high-price; boom-and-bust aftermath.

It is late in the campaign but it is not too late for my opponent to say - What way is he facing?

Richard Nixon, Statement of the Vice President of the United States on Kennedy Fiscal Policy, San Jose, CA Online by Gerhard Peters and John T. Woolley, The American Presidency Project