The expanding American economy passed the half-trillion dollar mark in
gross national product early in 1960. The Nation's output of goods and
services is now nearly 25 percent higher than in 1952.
In 1959, the average American family had an income of $6,520, 15 percent
higher in dollars of constant buying power than in 1952, and the real wages
of American factory workers have risen 20 percent during the past eight
years. These facts reflect the rising standard of individual and family
well-being enjoyed by Americans.
Our Nation benefits also from a remarkable improvement in general
industrial peace through strengthened processes of free collective
bargaining. Time lost since 1952 because of strikes has been half that lost
in the eight years prior to that date. Legislation now requires that union
members have the opportunity for full participation in the affairs of their
unions. The Administration supported the Landrum-Griffin Act, which I
believe is greatly helpful to the vast bulk of American Labor and its
leaders, and also is a major step in getting racketeers and gangsters out
of labor-management affairs.
The economic security of working men and women has been strengthened by an
extension of unemployment insurance coverage to 2.5 million ex-servicemen,
2.4 million Federal employees, and 1.2 million employees of small
businesses, and by a strengthening of the Railroad Unemployment Insurance
Act. States have been encouraged to improve their unemployment compensation
benefits, so that today average weekly benefits are 40 percent higher than
in 1953.
Determined efforts have improved workers' safety standards. Enforceable
safety standards have been established for longshoremen and ship repair
workers; Federal Safety Councils have been increased from 14 to over 100;
safety awards have been initiated, and a national construction safety
program has been developed.
A major factor in strengthening our competitive enterprise system, and
promoting economic growth, has been the vigorous enforcement of antitrust
laws over the last eight years and a continuing effort to reduce artificial
restraints on competition and trade and enhance our economic liberties.
This purpose was also significantly advanced in 1953 when, as one of the
first acts of this Administration, restrictive wage and price controls were
ended.
An additional measure to strengthen the American system of competitive
enterprise was the creation of the Small Business Administration in 1953 to
assist existing small businesses and encourage new ones. This agency has
approved over $1 billion in loans, initiated a new program to provide
long-term capital for small businesses, aided in setting aside $31/2 billion
in government contracts for award to small business concerns, and brought
to the attention of individual businessmen, through programs of information
and education, new developments in management and production techniques.
Since 1952, important tax revisions have been made to encourage small
businesses.
Many major improvements in the Nation's transportation system have been
made:
--After long years of debate, the dream of a great St. Lawrence Seaway,
opening the heartland of America to ocean commerce, has been fulfilled.
--The new Federal Aviation Agency is fostering greater safety in air
travel.
--The largest public construction program in history--the 41,000 mile
national system of Interstate and Defense highways--has been pushed rapidly
forward. Twenty-five percent of this system is now open to traffic.
Efforts to help every American build a better life have included also a
vigorous program for expanding our trade with other nations. A 4-year
renewal of the Reciprocal Trade Agreements Act was passed in 1958, and a
continuing and rewarding effort has been made to persuade other countries
to remove restrictions against our exports. A new export expansion program
was launched in 1960, inaugurating improvement of export credit insurance
and broadening research and information programs to awaken Americans to
business opportunities overseas. These actions and generally prosperous
conditions abroad have helped push America's export trade to a level of $20
billion in 1960.
Although intermittent declines in economic activity persist as a problem in
our enterprise system, recent downturns have been moderate and of short
duration. There is, however, little room for complacency. Currently our
economy is operating at high levels, but unemployment rates are higher than
any of us would like, and chronic pockets of high unemployment persist.
Clearly, continued sound and broadly shared economic growth remains a major
national objective toward which we must strive through joint private and
public efforts.
If government continues to work to assure every American the fullest
opportunity to develop and utilize his ability and talent, it will be
performing one of its most vital functions, that of advancing the welfare
and protecting the dignity, rights, and freedom of all Americans.