There can be no greater service to mankind, and no nobler mission, than devotion to world peace.

That task is more important today than at any previous time in our national history.

A time of high employment and high prices, wages, and profits, such as the present, calls for a surplus in Government revenue over expenditures and the application of all or much of this surplus to the reduction of the public debt.

The timing of such a program is highly important to achieve economic stability, to promote the investment of capital, and to maintain employment, purchasing power and high levels of production.

The time for tax reduction will come when general inflationary pressures have ceased and the structure of prices is on a more stable basis than now prevails.

There is no justification now for tax reduction.

If H.R. 1 were to become law, the inequity of its provisions would be frozen into the tax structure.

To maintain the integrity of the public debt, we must now reduce it by substantial amounts.

In the face of these facts, common prudence demands a realistic and conservative management of the fiscal affairs of the Government.

A good tax reduction bill would give a greater proportion of relief to the low income group.

Tax reduction now would increase inflationary pressures.

Under H.R. 1, tax savings to the average family with an income of $2500 would be less than $30, while taxes on an income of $50,000 would be reduced by nearly $5000, and on an income of $500,000 by nearly $60,000.

As long as business, employment, and national income continue high, we should maintain tax revenues at levels that will not only meet current expenditures but also leave a surplus for retirement of the public debt.

Despite many gloomy predictions, there is no convincing evidence that a recession is imminent.

Accordingly, I am appointing a special board of inquiry on air transport safety, and request you to serve as a member of that board.

I am deeply concerned about this subject, especially in view of the recent accidents to aircraft of our certified domestic air carriers.

The board's findings will assist me in determining any further steps which should be taken by the Executive Branch of the Government to assure the highest degree of safety, and to formulate proposals to the Congress for any necessary…

This order supersedes Executive Order No. 9432, dated March 28, 1944.