What we also have to recognize is that the deficit levels that I'm inheriting, over a trillion dollars, coming out of last year, that that is unsustainable. At a certain point, other countries stop buying our debt, at a certain point, we'd end up having to raise interest rates, and it would end up creating more economic chaos and potentially inflation.
Here's what I can tell the American people: 95 percent of you will get a tax cut. And if you make less than $250,000, less than a quarter-million dollars a year, then you will not see one dime's worth of tax increase.
... when the struggle seems to be drifting definitely towards a world social democracy, there may still be very great delays and disappointments before it becomes an efficient and beneficent world system. Countless people ... will hate the New World Order and will die protesting against it. When we attempt to evaluate its promise, we have to bear in mind the distress of a generation or so of malcontents, many of them quite gallant and graceful-looking people.
Welles and I differed, however, in our interpretation of the results of the Munich Conference, he being optimistic, I skeptical. In a radio address on October 3, several days after the conference, in which he described the steps taken by the United States Government just prior to Munich, he said that today, perhaps more than at any time during the past two decades, there was presented the opportunity for the establishment by the nations of the world of a new world order based upon justice and upon law. It seemed to me that the colors in the picture were much darker.
Let's not only provide a jumpstart to the economy and immediately or save 3 million jobs, but let's also put a down payment on some of the structural problems that we have in our economy.