The nominal budget is a poor indicator of the impact of government outlays and revenues.

The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.

Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.

The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.

I define genuine full employment as a situation where there are at least as many job openings as there are persons seeking employment, probably calling for a rate of unemployment, as currently measured, of between 1 and 2 percent.

To stick to the present situation would be something like a man who was observed in Times Square looking earnestly along the pavement. He was asked what he was looking for. He said "I lost my watch."

There is no reason inherent in the real resources available to us why we cannot move rapidly within the next two or three years to a state of genuine full employment.