individual rate was lowered to 70%, and the top corporate rate was set at 48%. To the Economic Club of New York, he spoke in 1963 of "... the paradoxical truth that tax rates are too high and revenues too low; and the soundest way to raise revenue in the long term is to lower rates now." Congress passed few of Kennedy's major programs during his lifetime, but did vote them through in 1964 and 1965 under his successor Johnson. Economy Kennedy ended a period of tight fiscal policies, loosening monetary policy to keep interest rates down and to encourage growth of the economy. He presided over the first government budget to top the $100 billion mark, in 1962, and his first budget in 1961 resulted in the nation's first non-war, non-recession deficit. The economy, which had been through two recessions in three years and was in one when Kennedy took office, accelerated notably throughout his administration. Despite low inflation and interest rates, the GDP had grown by an average of only 2.2% per annum during the Eisenhower administration (scarcely more than population growth at the time), and it had declined by 1% during Eisenhower's last twelve months in office. The economy turned around and prospered during Kennedy's years as president. The GDP expanded by an average of 5.5% from early-1961 to late-1963, while inflation remained steady at around 1% and unemployment eased. Industrial production rose by 15% and motor vehicle sales increased by 40%. This rate of growth in GDP and industry continued until 1969, and has yet to be repeated for such a sustained period of time. Attorney General Robert Kennedy took the position that steel executives had illegally colluded to fix prices. He stated, "We're going for broke. [...] their expense accounts, where they've been and what they've been doing. [...] the FBI is to interview them all. [...] we can't lose this." The administration's actions influenced U.S. Steel to rescind the price increase. The Wall Street Journal wrote that the administration had acted "by naked power, by threats, [and] by agents of the state security police". Yale law professor Charles Reich opined in The New Republic that the administration had violated civil liberties by calling a grand jury to indict U.S. Steel for collusion so quickly. An editorial in The New York Times praised Kennedy's actions and said that the steel industry's price increase "imperil[ed] the