The 13 years before I became President, under two Republican administrations, spending for defense went down 7 of those years. Defense budgets went d… - Jimmy Carter

No, I think not. I don't believe anybody is indispensable, you know, a President or the Chairman of the Federal Reserve Board or anyone else. I think that if I should decide to replace Dr. Burns as Chairman of the Federal Reserve, then it would be incumbent on me to get someone who is competent and who would arouse the confidence of the American people, including the business community.

I remember one session with British Prime Minister James Callaghan, who asked for a conversation that would be totally off the record. We had a cocktail while enjoying the new rocking chairs, and he described Great Britain’s economic troubles and told me that the International Monetary Fund was putting pressure on him to reduce their deficit with what seemed to be draconian actions. I interrupted to offer my help in easing the IMF demands, and he said, “No, no! I want you to support their restraints. I want them to force me and my government to do what I know is right but is not politically popular.

Now, I mentioned an increase in the public service jobs from 310,000 to 600,000. That legislation is just now being passed, and it will be the end of September-September 30--before we have the 725,000 people involved. Right now, we are adding 15,000 public service jobs per week. Our proposal for youth employment has now passed the Senate and House conference, and I expect to have it at the White House for signature next week. It will create over 200,000 jobs in a National Youth Conservation Corps, built on the old Civilian Conservation Corps that was put into effect by Franklin Roosevelt. And we are just doubling the Job Corps slots to 40,000. Now, this is a program that's been approved, but it hasn't yet been put into effect. But it will be put into effect rapidly now that we have it on the books. Income security--a lot of people are concerned about the social security system. We have proposed to the Congress-I hope they'll act quickly--to make sure that we have a sound social security system. And we have made a proposal to put it back on a sound basis without increasing the tax rate of American workers above what's already been prescribed by law. I want to mention food stamps--again, an income for poor people that's very valuable but, as you know, in the past they've had to have cash money to buy food stamps. We have proposed, and the Senate has already approved, and I hope the House will approve quickly, the elimination of any requirement to purchase food stamps. In the future they won't have to buy them. We're taking the first step towards comprehensive health care by proposing to the Congress hospital cost containment. The price to sick people of hospital care has gone up too rapidly. It is now doubling. It's now doubling every 5 years, about twice the rate of growth of the normal, nationwide inflation rate. By early next year, we'll have a comprehensive package of health care to put forward. And we're prepared to move more rapidly but, I have to tell you, frankly, that the Congress this year has almost all it can handle. But I've worked out with the congressional leaders that next year they'll start their full work on a comprehensive health care system for our country.