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Huge new public . works programs mean bigger federal*1deficits. ' Let us regard, then, tax reduction. Virtually everyone is in favor( of striving for tax cuts, but are tax reductions out of borrowed money justifiable? There seem^HQ^ be no intensive movement to cut the President’s budget drastically, so it is obvious that a tax reduction /bill would add at least $5 billon to the deficit. Would this make economic sense? Would, it cure: the recession by spreading around more money? Or would it have a boomerang effect by contributing to the inflationary spiral and leaving -of'worse off than we are at the moment ?
Before we ignore the perils of deficit financing to cut taxes and embark on new public, works projects on borrowed money, should we not consider the very real dan1 gers of further inflation? If h 10 per cent tax cut, .plus billions in public works commitments, financed -from an increase in the public debt, led to a 15 per cent increase in the cost of living, where would f we go next?
Let us not ignore the unemployment figures, but let us consider, too whether we are getting in be
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