Economic Report of the President Transmitted to the Congress

2. Change in Composition of Output, 1952 to 1956.....
3. U. S. Balance of Payments on Current Account, 1952-56.
4. Improvement in Well-Being, 1952 to 1956...

5. Agricultural Production and Technology Since Prewar.
6. CCC Operations and Agricultural Exports, 1950-57...

7. Economic Adjustments, 1953-54..

8. Economic Activity, 1954-56...

9. Employment and Income, 1955-56.

10. Farm Income and Price Developments, 1950-56...

11. Carry-Overs of Selected Crops, 1952-57.

12. Wholesale Prices, 1954-56..

13. Consumer Prices, 1954-56...

14. Demand for Funds, 1954-56..

15. Bank Loans, Investments, and Deposits, 1954-56.

16. Bond Yields and Interest Rates, 1953–56. . .

17. Federal Receipts and Expenditures, 1953-58.

18. Member Bank Reserves, 1954-56..

C-1. Population and Projections to 1975.

C-2. Births Through 1956 and the Number of 18-Year-Olds to 1974.
C-3. Population in Special Age Groups, 1930–75...
C-4. School Enrollments and Projections to 1965. .

Page

Chapter 1

Opportunity and Responsibility
in a Free Economy

HE ENORMOUS PRODUCTIVE POWER of the American economy was demonstrated again in 1956 when the Nation's output of goods and services reached $412 billion. This vast and increasing output provides the means for assuring our national security, supplying our present consumption needs, and building our capacity for future production. Furthermore, it is accompanied by the release of additional time for creative personal development as well as for the more complete enjoyment of material things. Our free economy thus affords the American people an opportunity for

better living in all its aspects.

These accomplishments reflect the efficiency of competitive markets as
instruments for organizing and expanding production and consumption, but
they do not of

in a free society. Among these are wide access to education and training,
choice of a vocation from among many different employments or business
pursuits, enjoyment of the rewards of one's own accomplishment, and free-
dom to plan consumption and investment according to personal preference
and judgment. Moreover, our free economy gives indispensable support to
the form of political life that we cherish.

tutions. No form of government offers greater opportunity for individual
There are instructive parallels between our political and economic insti-
expression, or places heavier reliance on individual leadership and integrity.
Similarly, no type of economic system offers greater opportunity for indi-
vidual achievement or places heavier responsibilities on the individual.
But although the opportunities afforded by such an economy are evident
on all sides, the responsibilities on which it relies may be less obvious and

less well understood.

These responsibilities, which center on the need for preserving and strengthening the institutions of competitive enterprise, are borne in part by Government. First, Government must pursue policies that give positive encouragement to the spirit of enterprise and protect the essential incentives to work, to save, and to invest. These policies must be designed with consideration not merely to their present impact but also to their long-run effect on the vitality and resiliency of the economy. Second, Government must exercise a strict discipline over its expenditures and must

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