One of the most important factors in maintaining prosperity is the Government’s fiscal policy.  At this time, it is essential not only that the Federal budget be balanced, but also that there be a substantial surplus to reduce inflationary pressures, and to permit a sizable reduction in the national debt, which now stands at $252 billion.  I recommend, therefore, that the Congress enact new tax legislation to bring in an additional $4 billion of Government revenue.  This should come principally from additional corporate taxes.  A portion should come from revised estate and gift taxes.  Consideration should be given to raising personal income rates in the middle and upper brackets.

If we want to keep our economy running in high gear, we must be sure that every group has the incentive to make its full contribution to the national welfare.  At present, the working men and women of the Nation are unfairly discriminated against by a statute that abridges their rights, curtails their constructive efforts, and hampers our system of free collective bargaining.  That statute is the Labor-Management Relations Act of 1947, sometimes called the Taft-Hartley Act.

That act should be repealed!

The Wagner Act should be reenacted.  However, certain improvements, which I recommended to the Congress 2 years ago, are needed.  Jurisdictional strikes and unjustified secondary boycotts should be prohibited.  The use of economic force to decide issues arising out of the interpretation of existing contracts should be prevented.  Without endangering our democratic freedoms, means should be provided for setting up machinery for preventing strikes in vital industries which affect the public interest.

The Department of Labor should be rebuilt and strengthened and those units properly belonging within that department should be placed in it.

The health of our economy and its maintenance at high levels further require that the minimum wage fixed by law should be raised to at least 75 cents an hour.

If our free enterprise economy is to be strong and healthy, we must reinvigorate the forces of competition.  We must assure small business the freedom and opportunity to grow and prosper.  To this purpose, we should strengthen our antitrust laws by closing those loopholes that permit monopolistic mergers and consolidations.

Our national farm program should be improved-not only in the interest of the farmers, but for the lasting prosperity of the whole Nation.  Our goals should be abundant farm production and parity income for agriculture.  Standards of living on the farm should be just as good as anywhere else in the country.

Farm price supports are an essential part of our program to achieve these ends.  Price supports should be used to prevent farm price declines which are out of line with general price levels, to facilitate adjustments in production to consumer demands, and to promote good land use.  Our price support legislation must be adapted to these objectives.  The authority of the Commodity Credit Corporation to provide adequate storage space for crops should be restored.