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OCR Page 1 of 41Part
ECONOMIC REPORT
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To the Congress of the United States:
Many Americans entered the decade of the sixties confident
that Government could guarantee the best of both economic worlds
full employment with stable prices.
In the first half of the decade, we did have price stability --
but unemployment averaged 5-1/2 percent of the labor force.
In the second half of that decade, we did have relatively full
employment - but with sharply rising prices.
After five years of sustained unemployment followed by five
years of sustained inflation, some of the optimists of the sixties
have concluded that the price of finding work for the unemployed
must be the hardship of inflation for all.
I do not agree.
It is true that we have just passed through a decade when the
economy spent most of the time far off the course of reasonably full
employment and price stability. But if we apply the hard lessons
learned from the sixties to the decade ahead, and add a new realism
to the management of our economic policies, I believe we can attain
the goal of plentiful jobs earning dollars of stable purchasing power.
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