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Additional copies of this report are for sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C.

Price of single copy, 65 cents

LETTER OF TRANSMITTAL

THE WHITE HOUSE,

January 23, 1957. To the Congress of the United States:

I present herewith my Economic Report, as required by Section 3 (a) of the Employment Act of 1946.

In preparing this Report, I have received the assistance and advice of the Council of Economic Advisers. I have also had the advice of the heads of the executive departments and independent agencies of the Government.

I set forth below, essentially in the words of the Report itself, what I consider to be its major conclusions and recommendations.

Opportunity and Responsibility in a Free Economy

The vast productive power of the American economy was demonstrated again in 1956 in a record national output of $412 billion of goods and services.

In addition to providing this material basis for better living, our free economy gives indispensable support to our form of political life and offers unparalleled opportunities to the individual for personal choice and development.

Important responsibilities accompany these opportunities. They are borne in part by Government, but they must be borne also by the individual in his own economic activity and in his organized activity with others.

Government must use all practicable means to promote high levels of production and employment, and to contribute toward achieving an expanding and widely-shared national income, earned in dollars of stable buying power. It must pursue policies that encourage the enterprising spirit of our people and protect incentives to work, to save, and to invest. It must exercise a strict discipline over its expenditures and avoid taking in taxes too much of the incomes of individuals and businesses. It must strive to strengthen competitive markets and to facilitate the adjustments necessary in a dynamic economy.

Even more exacting are the responsibilities of individuals and economic groups. Business managements should formulate and carry out their plans so as to contribute to steady economic growth. They must also recognize the broad public interest in the prices set on their products and services.

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