The Time for Courage

The Time for Courage

Thus the question of balancing the budget is not so much ability or capacity to pay, but rather the courage and determination to impose the necessary economies as well as the necessary taxes.

A simple fact, too frequently overlooked, is that every dollar of Government spending is a charge on the whole economy and its pro. ductivity, and must be paid. It must never be forgotten either that it is the people who foot the bill, through the prices they pay for everyday necessities of life as well as through direct taxes on their earnings and incomes. This is inescapable, for borrowing can merely.postpone the day of reckoning. And that is why, with the Federal budget so big and the tax burden already so heavy, every possible economy in Government spending should be made before new taxes are taken up. There is too much at stake now for stopgap measures and the “quickie" approach.

The importance of a balanced .budget under today’s conditions is beyond controversy. It is the only effective way of attacking the present threat of inflation at its source by preventing a further expansion in the record money supply. The importance of this action is heightened as the production of civilian goods is increasingly curtailed. Wage-price stabilization, credit restrictions and other controls can help to (hold the price line, but they treat the symptoms of the disease and not the inflation virus itself.

As to the nation’s capacity to pay on the barrel head for a rearmament program of present dimensions, certain basic facts stand out when the World War II situation is compared with now.

One is a 40 per cent rise in

Washington

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MAUREEN O’HARA

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DIANA LYNN

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