The voters selected us, in short, because they had confidence in our judgement and our ability to exercise that judgement from a position where we co… - John F. Kennedy

Our true choice is not between tax reduction, on the one hand, and the avoidance of large Federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our national security needs keep rising, an economy hampered by restrictive tax rates will never produce enough revenue to balance our budget just as it will never produce enough jobs or enough profits. Surely the lesson of the last decade is that budget deficits are not caused by wild-eyed spenders but by slow economic growth and periodic recessions, and any new recession would break all deficit records. In short, it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now. The experience of a number of European countries and Japan have borne this out. This country's own experience with tax reduction in 1954 has borne this out. And the reason is that only full employment can balance the budget, and tax reduction can pave the way to that employment. The purpose of cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.

The steps I have indicated tonight are aimed at avoiding that war. To sum it all up: we seek peace — but we shall not surrender. That is the central meaning of this crisis, and the meaning of your government's policy. With your help, and the help of other free men, this crisis can be surmounted. Freedom can prevail and peace can endure.

And Prince Bismarck was even more specific. One third, he said, of the students of German universities broke down from overwork, another third broked down from dissipation, and the other third ruled Germany.