• If the economy of today were operating close to capacity levels with little unemployment, or if a sudden change in our military requirements should cause a scramble for men and resources, then I would oppose tax reductions as irresponsible and inflationary; and I would not hesitate to recommend a tax increase if that were necessary.

    Address to the Economic Club of New York, delivered 14 December 1962, Waldorf Astoria Hotel, New York
Cite this Page: Citation