The exclusive right to declare war, the duty to advise and consent on the part of the Senate, the power of the purse on the part of the House are ample authority for the legislative branch and should be jealously guarded.  But because we may have been too careless of these powers in the past does not justify congressional intrusion into, or obstruction of, the proper exercise of Presidential responsibilities now or in the future.  There can be only one Commander in Chief.  In these times crises cannot be managed and wars cannot be waged by committee, nor can peace be pursued solely by parliamentary debate.  To the ears of the world, the President speaks for the Nation.  While he is, of course, ultimately accountable to the Congress, the courts, and the people, he and his emissaries must not be handicapped in advance in their relations with foreign governments as has sometimes happened in the past.

At home I am encouraged by the Nation’s recovery from the recession and our steady return to sound economic growth.  It is now continuing after the recent period of uncertainty, which is part of the price we pay for free elections.

Our most pressing need today and the future is more jobs—­productive, permanent jobs created by a thriving economy.  We must revise our tax system both to ease the burden of heavy taxation and to encourage the investment necessary for the creation of productive jobs for all Americans who want to work.

Earlier this month I proposed a permanent income tax reduction of $10 billion below current levels, including raising the personal exemption from $750 to $1,000.  I also recommended a series of measures to stimulate investment, such as accelerated depreciation for new plants and equipment in areas of high unemployment, a reduction in the corporate tax rate from 48 to 46 percent, and eliminating the present double taxation of dividends.  I strongly urge the Congress to pass these measures to help create the productive, permanent jobs in the private economy that are so essential for our future.

All the basic trends are good; we are not on the brink of another recession or economic disaster.  If we follow prudent policies that encourage productive investment and discourage destructive inflation, we will come out on top, and I am sure we will.

We have successfully cut inflation by more than half.  When I took office, the Consumer Price Index was rising at 12.2 percent a year.  During 1976 the rate of inflation was 5 percent.

We have created more jobs—­over 4 million more jobs today than in the spring of 1975.  Throughout this Nation today we have over 88 million people in useful, productive jobs—­more than at any other time in our Nation’s history.  But there are still too many Americans unemployed.  This is the greatest regret that I have as I leave office.