Inflation is not a Robin Hood, taking from the rich to give to the poor. Rather, it deals most cruelly with those who can least protect themselves. It strikes hardest those millions of our citizens whose incomes do not quickly rise with the cost of living. When prices soar, the pensioner and the widow see their security undermined, the man of thrift sees his savings melt away; the white collar worker, the minister, and the teacher see their standards of living dragged down.
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As with our military potential, our economic assets are more than equal to the task. Our independent farmers produce an abundance of food and fibre. Our free workers are versatile, intelligent, and hardworking. Our businessmen are imaginative and resourceful. The productivity, the adaptability of the American economy is the solid foundation-stone of our security structure.
We must achieve both security and solvency. In fact, the foundation of military strength is economic strength.
Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history.
Each proposal must be weighed in the light of a broader consideration: the need to maintain balance in and among national programs - balance between the private and the public economy, balance between cost and hoped for advantage - balance between the clearly necessary and the comfortably desirable; balance between our essential requirements as a nation and the duties imposed by the nation upon the individual; balance between action of the moment and the national welfare of the future.
Now this brings me to my main topic - our military strength - more specifically, how to stay strong against threat from outside, without undermining the economic health that supports our security.
We will bankrupt ourselves in the vain search for absolute security.
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