These things cannot be done by business, labor, agriculture, or government acting alone.

These and other Government policies are providing strong supports to business activity and are enlarging the opportunities of private business.

The principle that the Government should compensate war contractors, and volunteers acting without contracts, for losses sustained by them in activities related to the war has not generally been accepted.

Under present economic conditions, we cannot immediately correct the tax mistakes of the past or the conditions which led to a lower level of national income and lower Federal revenues.

The United States economy is the strongest and most productive the world has ever known--and we have the resources and the skills to make it still stronger and more productive.

To introduce this principle in the case of a single industry would not only give effect to an unsound principle and establish an unfortunate precedent but it would give rise to an unjustifiable discrimination.

I am presenting herewith a Midyear Economic Report to the Congress.

I am returning herewith, without my approval, the enrolled bill, H.R. 834.

In my opinion, it would be a serious error to introduce at this time a new principle-insurance against war-caused losses.

I do not believe that the mining industry as a whole wants to adopt the policy that the Government should guarantee it against loss in time of emergency.

Many of the price adjustments that have taken place have been healthy, and afford ground for expectation that our economy will work its way successfully through a difficult period of transition.

Some incomes were disproportionately high.

I have repeatedly called to the attention of the Congress the need for stronger powers and more active measures with which to wage the never-ending fight against monopoly.

As a consequence, we now find that to a greater extent than ever before, whole industries are dominated by one or a few large organizations which can restrict production in the interest of higher profits and thus reduce employment and…

Thus, in my State of the Union Message in January, 1947, I said:

I am whole-heartedly in favor of your subcommittee's objectives as you have outlined them to me.

In an effort to assure full opportunity and free competition to business we will vigorously enforce the antitrust laws.

The second major policy f desire to lay before you has to do with the growing concentration of economic power and the threat to free competition in private enterprise.