US Presidency
1938

That is why the total addition to our national production and national income has been so much greater than the contribution of the Government itself. In pursuance of that thought I said to the Congress today: I want to make it clear that we do not believe that we can get an adequate rise in national income merely by investing, and lending or spending public funds. It is essential in our economy that private funds must be put to work and all of us recognize that such funds are entitled to a fair profit. As national income rises, let us not forget that Government expenditures will go down and Government tax receipts will go up. The Government contribution of land that we once made to business was the land of all the people. And the Government contribution of money which we now make to business ultimately comes out of the labor of all the people.