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 and Question and Answer Period at the Economic Club of New York (549)," December 14, 1962, Public Papers of the President: John F. Kennedy, 1962.