President Truman delivers State of the Union Address Excerpt of President Harry S. Truman delivering State of the Union speech to Joint Session of Congress: "In the effort to bring about a sound & equitable price structure, each group of our population has its own responsibilities. It is up to industry not only to hold the line on existing prices but to make reductions whenever profits justify such action. It is up to labor to refrain from pressing for unjustified wage increases that will force increases in the price level. It is up to government to do everything in its power to encourage high value production, for that is what makes possible good wages, low prices and reasonsble profits."