We are still so close to recent controversies that some of us may find it hard to understand the accomplishments of these past eight years.  But the accomplishments are real and very great, not as the President’s, not as the Congress’, but as the achievements of our country and all the people in it.

Let me remind you of some of the things we have done since I first assumed my duties as President of the United States.

I took the oath of office on April 12, 1945.  In May of that same year, the Nazis surrendered.  Then, in July, that great white flash of light, man-made at Alamogordo, heralded swift and final victory in World War II—­and opened the doorway to the atomic age.

Consider some of the great questions that were posed for us by sudden, total victory in World War II.  Consider also, how well we as a Nation have responded.

Would the American economy collapse, after the war?  That was one question.  Would there be another depression here—­a repetition of 1921 or 1929?  The free world feared and dreaded it.  The communists hoped for it and built their policies upon that hope.

We answered that question—­answered it with a resounding “no.”

Our economy has grown tremendously.  Free enterprise has flourished as never fore.  Sixty-two million people are now gainfully employed, compared with 51 million seven years ago.  Private businessmen and farmers have invested more than 200 billion dollars in new plant and equipment since the end of World War II.  Prices have risen further than they should have done—­but incomes, by and large, have risen even more, so that real living standards are now considerably higher than seven years ago.  Aided by sound government policies, our expanding economy has shown the strength and flexibility for swift and almost painless reconversion from war to peace, in 1945 and 1946; for quick reaction and recovery—­well before Korea—­from the beginnings of recession in 1949.  Above all, this live and vital economy of ours has now shown the remarkable capacity to sustain a great mobilization program for defense, a vast outpouring of aid to friends and allies all around the world—­and still to produce more goods and services for peaceful use at home than we have ever known before.

This has been our answer, up to now, to those who feared or hoped for a depression in this country.

How have we handled our national finances?  That was another question arising at war’s end.  In the administration of the Government, no problem takes more of the President’s time, year in and year out, than fashioning the Budget, and the related problem of managing the public debt.

Financing World War II left us with a tremendous public debt, which reached 279 billion dollars at its peak in February, 1946.

Beginning in July, 1946, when war and reconversion financing had ended, we have held quite closely to the sound standard that in times of high employment and high national income, the Federal Budget should be balanced and the debt reduced.