US Presidency
1968

Last week, at the monetary conference in Stockholm, the major industrial countries decided to take a big step toward creating a new international monetary asset that will strengthen the international monetary system. I am very proud of the very able work done by Secretary Fowler and Chairman Martin of the Federal Reserve Board. But to make this system work the United States just must bring its balance of payments to, or very close to, equilibrium. We must have a responsible fiscal policy in this country. The passage of a tax bill now, together with expenditure control that the Congress may desire and dictate, is absolutely necessary to protect this Nation's security, to continue our prosperity, and to meet the needs of our people. What is at stake is 7 years of unparalleled prosperity. In those 7 years, the real income of the average American, after taxes, rose by almost 30 percent, a gain as large as that of the entire preceding 19 years.