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former appeal to investors, lne Treasury .forced to borrow to make up die difference between tax receipts and federal spending, has encountered increasing difficulty in financing Uncle Sam’s operations at the interest rates it is permitted by law to pay. If Government bond riterest rates are raised by Congress, as the President has requested, the move cannot be more than an expensive palliative for the federal fiscal ills. And, yet, there has not developed a wide spread public recognition of the danger, or a broad acceptance of the unpleasant medicine offered by the “spoilsports”_spend less; live within income.
There are so many things that need to be done it is insisted; so many things we should like to have _-“h u i 1 d more superhighways, bridges, tunnels; we need more new schools, hospitals, post offices; Washington should help us clean up our streams, eradicate our slums, revitalize our distressed industrial communities”. Different communities emphasize different needs.
The idea that “the richest country in the world” cannot provide all things for all its citizens and, at the same time, keep individual income high, prices low and taxes reasonable is just too disagreeable to entertain. jThe Federal Government has be<?n living beyond its income for 23 of the past 28 years. In purchasing power, a dollar as worth less than 48 cents, compared to its 1939 value..what a cruel blow to those retired, forced to live on a fixed number of depreciating dollars; what a heavy cloud over the futures of those saving for retirement!
The “spoilsports” are right, of course. There is only one effective remedy for the depriciating dollar, the dissipating economic effects of inflation; the unpopularity of the bonds of the United States the huge and recurring federal deficits _buy the governmental goods and services we can pay for; spend only what we have; recognize that even Uncle Sana can’t afford everything he might like to have. Here is Mr. Cannon again:
“We are growing steadily poorer every year_just as any family grows steadily poorer by spending more than it makes year after year.
“We must realize that we now arc in competition with a hew force ,a reconstituted nation, a renascent society, with unlimited manpower and deadly intent. They'are
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