I was informed this afternoon by the distinguished Secretary of the Treasury that his preliminary estimates indicate that our balance of payments def… - Lyndon B. Johnson

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I was informed this afternoon by the distinguished Secretary of the Treasury that his preliminary estimates indicate that our balance of payments deficit has been reduced from $2.8 billion in 1964 to $1.3 billion, or less, in 1965. This achievement has been made possible by the patriotic voluntary cooperation of businessmen and bankers working with your government. We must now work together with increased urgency to wipe out this balance of payments deficit altogether in the next year. And as our economy surges toward new heights we must increase our vigilance against the inflation which raises the cost of living and which lowers the savings of every family in this land. It is essential, to prevent inflation, that we ask both labor and business to exercise price and wage restraint, and I do so again tonight. I believe it desirable, because of increased military expenditures, that you temporarily restore the automobile and certain telephone excise tax reductions made effective only 12 days ago. Without raising taxes—or even increasing the total tax bill paid—we should move to improve our withholding system so that Americans can more realistically pay as they go, speed up the collection of corporate taxes, and make other necessary simplifications of the tax structure at an early date.

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About Lyndon B. Johnson

Lyndon Baines Johnson (27 August 1908 – 22 January 1973), often referred to by his initials LBJ, was an American politician. After a long career in U.S. legislatures, Johnson became the vice president of the United States of America under John F. Kennedy, from 1961 to 1963. A Democrat, Johnson became the 36th U.S. president in 1963, after Kennedy's assassination. He served in the role until 1969.

Also Known As

Native Name: Lyndon Baines Johnson
Also Known As: LBJ
Alternative Names: Lyndon Johnson President Johnson L. B. Johnson
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Additional quotes by Lyndon B. Johnson

Fifty years ago this health center stood alone--the first of its kind to be established in our country by a trade union for working men and women. Your union stood resolute in the thin ranks of those who carried on the struggle for security for the helpless, who fought the battle for a better life for every citizen. And that concern of your union 50 years ago is today imbedded in the conscience of our country, in the laws of our land, and in the highest hopes of our people.

The fifth and most important principle of our foreign policy is support of national independence—the right of each people to govern themselves—and to shape their own institutions. For a peaceful world order will be possible only when each country walks the way that it has chosen to walk for itself. We follow this principle by encouraging the end of colonial rule. We follow this principle, abroad as well as at home, by continued hostility to the rule of the many by the few—or the oppression of one race by another. We follow this principle by building bridges to Eastern Europe. And I will ask the Congress for authority to remove the special tariff restrictions which are a barrier to increasing trade between the East and the West. The insistent urge toward national independence is the strongest force of today's world in which we live. In Africa and Asia and Latin America it is shattering the designs of those who would subdue others to their ideas or their will. It is eroding the unity of what was once a Stalinist empire. In recent months a number of nations have east out those who would subject them to the ambitions of mainland China. History is on the side of freedom and is on the side of societies shaped from the genius of each people. History does not favor a single system or belief—unless force is used to make it so. That is why it has been necessary for us to defend this basic principle of our policy, to defend it in Berlin, in Korea, in Cuba—and tonight in Vietnam.

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All Americans must have the privileges of citizenship regardless of race. And they are going to have those privileges of citizenship regardless of race. But I would like to caution you and remind you that to exercise these privileges takes much more than just legal right. It requires a trained mind and a healthy body. It requires a decent home, and the chance to find a job, and the opportunity to escape from the clutches of poverty. Of course, people cannot contribute to the Nation if they are never taught to read or write, if their bodies are stunted from hunger, if their sickness goes untended, if their life is spent in hopeless poverty just drawing a welfare check. So we want to open the gates to opportunity. But we are also going to give all our people, black and white, the help that they need to walk through those gates.

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