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21 while private debt was increasing 305 per cent and the debts of state and local governments increased 378 per cent. Moreover debts, public and private, are neither good nor bad, in and of themselves. Borrowing can lead to overextension and collapse - but it can also lead to expansion and strength. There is no single simple slogan in this field that can deserve our trust. Finally, I come to the problem of confidence. Confidence is a matter of myth and also a matter of truth - - and this time let me take the truth of the matter first.

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": "21\nwhile private debt was increasing\n305 per cent and the debts of state\nand local governments increased\n378 per cent. Moreover debts, public\nand private, are neither good nor\nbad, in and of themselves. Borrowing\ncan lead to overextension and collapse -\nbut it can also lead to expansion and\nstrength. There is no single simple\nslogan in this field that can deserve\nour trust.\nFinally, I come to the problem of\nconfidence. Confidence is a matter of\nmyth and also a matter of truth - -\nand this time let me take the truth of\nthe matter first."
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