we must, through heavier taxes, keep personal and corporate
profits at a low reasonable rate.
Second. We must fix ceilings on prices and rents.
Third. We must stabilize wages.
Fourth. We must stabilize farm prices.
Fifth. We must put more billions into war bonds.
Sixth. We must ration all essential commodities which are scarce.
Seventh. We must discourage installment buying, and encourage
paying off debts and mortgages.
I do not think it is necessary to repeat what I said yesterday to
the Congress in discussing these general principles.
The important thing to remember is that each one of these points is
dependent on the others if the whole program is to work.
Some people are already taking the position that every one of the
seven points is correct except the one point which steps on their
own individual toes. A few seem very willing to approve self-
denial--on the part of their neighbors. The only effective course
of action is a simultaneous attack on all of the factors which
increase the cost of living, in one comprehensive, all-embracing
program covering prices, and profits, and wages, and taxes and
debts.
The blunt fact is that every single person in the United States is
going to be affected by this program. Some of you will be affected
more directly by one or two of these restrictive measures, but all
of you will be affected indirectly by all of them.
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