In a special session on November 17, 1947, President Truman addresses the joint session of the 80th Congress on two issues. The first an emergency Foreign Aid package for Italy, Austria and France who were in the midst of going broke during this post World War 2 period. The second was to discuss the economy, which was spiraling towards inflation at an alarming pace.
President Truman: “Today, inflation stands as an ominous threat to the prosperity we have achieved. We can no longer treat inflation with spiraling prices and living costs, as some vague condition we may encounter in the future. We already have an alarming degree of inflation. And even more alarming, it is getting worse. Since the middle of 1946, fuel has gone up 13%. Clothing prices have gone up 19%. Retail food prices have gone up 40%. The average for all cost of living items has risen 23%. The housewife who goes to buy food today must spend $10.00 to buy what $7.00 bought a year and a half ago.”
Even then, it was about the economy. It was also about the "do nothing" Congress.
