Two groups of temporary laws still remain:  the first are those which by Congressional mandate are to last during the “emergency”; the second are those which are to continue until the “termination of the war,”

I shall submit to the Congress recommendations for the repeal of certain of the statutes which by their terms continue for the duration of the “emergency.”  I shall at the same time recommend that others within this classification be extended until the state of war has been ended by treaty or by legislative action.  As to those statutes which continue until the state of war has been terminated, I urge that the Congress promptly consider each statute individually, and repeal such emergency legislation where it is advisable.

Now that nearly all wartime controls have been removed, the operation of our industrial system depends to a greater extent on the decisions of businessmen, farmers, and workers.  These decisions must be wisely made with genuine concern for public welfare.  The welfare of businessmen, farmers, and workers depends upon the economic well-being of those who buy their products.

An important present source of danger to our economy is the possibility that prices might be raised to such an extent that the consuming public could not purchase the tremendous volume of goods and services which will be produced during 1947.

We all know that recent price increases have denied to many of our workers much of the value of recent wage increases.  Farmers have found that a large part of their increased income has been absorbed by increased prices.  While some of our people have received raises in income which exceed price increases, the great majority have not.  Those persons who live on modest fixed incomes—­retired persons living on pensions, for example—­and workers whose incomes are relatively inflexible, such as teachers and other civil servants—­have suffered hardship.

In the effort to bring about a sound and equitable price structure, each group of our population has its own responsibilities.

It is up to industry not only to hold the line on existing prices, but to make reductions whenever profits justify such action.

It is up to labor to refrain from pressing for unjustified wage increases that will force increases in the price level.

And it is up to Government to do everything in its power to encourage high-volume Production, for that is what makes possible good wages, low prices, and reasonable profits.

In a few days there will be submitted to the Congress the Economic Report of the President, and also the Budget Message.  Those messages will contain many recommendations.  Today I shall outline five major economic policies which I believe the Government should pursue during 1947.  These policies are designed to meet our immediate needs and, at the same time, to provide for the long-range welfare of our free enterprise system: