White House Press Release, Address by President Harry S. Truman

415 /1371 HOLD FOR RELEASE HOLD FOR RELEASE HOLD FOR RELEASE OCTOBER 24, 1947 CONI IDENTIAL: The following address of the President to be delivered by radio from the white House, HUST BE HELD IN CONFIDENCE until released. NOTE: Release is automatic at 10:00 P.M., E.S.T., tonight Friday, October 24, 1947. The same release applies to all newspapers, radio commentators and nows broadcastcrs. FLEASE GUARD AGAINST PREMATURE PUBLICATION OR RADIO ANNOUNCEIENT. CHARLES G. ROSS Secretary to the President MY FELLO.I COUNTRYMEN: I have called the Congress to meet on November 17th to consider the problems of high prices at home and emergency aid abroad. These are questions of vital importance to all of us. I want to talk to you frankly tonight about both of these problems. Since V-J Day, we havo moved steadfastly toward two goals. We have sought peace and prosperity -- prosperity for all our people, peace for all the world. As we measure our progress toward these goals and chart the course ahoad, we find that recent events have raised new and dangerous obstacles in our path. Our domestic prosperity is endangered by the threat of inflation. Tho peace of the world is endangered by hunger and cold in other lands. These obstacles must be overcome by prompt and courageous action. Legislation by the Congress is essential. The need is too pressing -- the results of delay too Congressional action to wait until the next regular session in January. Let me speak first about our domestic prosperity In many ways we are now mord prosperous than we have ever been. More workers have jobs - and at better wages -- than at any time in the past. Farmers are receiving a greater share of our national income than they have in many years. Manufacturors and r etailors ard enjoying record business and record earnings. We are producing more goods for civilian use than ever before in history. But these signs of prosperity do not tell the W hole story. Although production is high, prices are shooting up. Although noarly overyone is employed, many peoplo cannot afford. essential items Lthough nationsl incomo has reached a new igh, the buying power of many people is shrinking. A few figures -- and they are startling figures -- show how the cost of living is going up. Since the middle of 1946, this is what has happened: clothing prices have gone up 18 per cent; houschold furnishings have gone up 18 per cont; food has gone up 40 per cent. The average for all items is up 23 per cent. And the cost of living is still climbing. In the last thrce months it has climbed at a rate of over 16 per cent a year. (OVER)