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We regard inflation as a public enemy of the worst type. But we have not hesitated, either, to ease or restrict the basis of credit when need was indicated. The full force of monetary policy has been made effective more promptly than ever before to better respond to natural demands. This has been done by the timely use of monetary policy and credit; by the return to the public of purchasing power through the biggest tax cut in the history of the nation; by cutting unjustified Government spending; by timely encouragement to construction, home building and needed improvements.
The Fertile Field. We hope for continued prosperity, based not on war scares or artificial Government stimulants but on steady spending by consumers and investment by business.
The best that Government can do to strengthen our economy is to provide a fertile field in which millions of Americans can work. The continued success of our economy depends not upon Government, but upon the efforts of all the people trying to do a little more for themselves and their loved ones. It is the sum total of all these individual efforts that makes our system superior to anything known in this world before. ,