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18
or in any careful assessment of the
reality of our national finances.
The administrative budget has sound
administrative uses. But for wider
purposes it is less helpful. It omits
our special trust funds; it neglects
changes in assets or inventories; it
cannot tell a loan from a straight
expenditure -- and worst of all it
cannot distinguish between operating
expenditures and long-term investments.
This budget -- in relation to the
great problems of Federal fiscal
policy -- is not simply irrelevant;
it is actively misleading.
Document source description
This file contains materials collected by the office of President John F. Kennedy's secretary, Evelyn Lincoln, concerning President Kennedy's remarks at the 1962 Yale University graduation ceremony. In his speech the President thanks the University for the honorary degree bestowed upon him, and discusses three areas of domestic concern where the prevalence of myth dangerously impedes progress: fiscal policy, confidence in an administration, and the concept of "big government." Materials in this folder include various memoranda of suggested talking points, a draft by Special Assistant to the President and speechwriter Arthur M. Schlesinger, Jr., a press copy, and a reading copy of the speech with handwritten notations by the President, as well as a luncheon menu, program for the commencement exercises, and an additional transcript of the speech published by Yale University.
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"ocrText": "18\nor in any careful assessment of the\nreality of our national finances.\nThe administrative budget has sound\nadministrative uses. But for wider\npurposes it is less helpful. It omits\nour special trust funds; it neglects\nchanges in assets or inventories; it\ncannot tell a loan from a straight\nexpenditure -- and worst of all it\ncannot distinguish between operating\nexpenditures and long-term investments.\nThis budget -- in relation to the\ngreat problems of Federal fiscal\npolicy -- is not simply irrelevant;\nit is actively misleading."
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