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Show Sun Chronicle, March 13, 1980, Page 2 Ben Lomond Beacon Sun Times Clearfield Courier by Dwight R. Lee Dr. Lee is Professor of Economics at Virginia Polytechnic and State University (c) Public Research, Syndicated, 1980 We are on our way to becoming a land of millionaires. If you do not achieve this once exalted status, almost surely your children or grandchildren will. If, for example, you currently earn $20,000 a year and inflation continues at 14 percent per year (as this is being written the inflation rate is exceeding 14 percent in many parts of the country), you will be earning $1,280,000 a year in 30 years, if you keep up with inflation. If your net worth is $75,000 and it keeps up with inflation you will have a net worth of $1,200,000 in just 20 years. Unfortunately, in 25 years a $1 burger will cost $32, a $10 shirt will cost $320, a $25 pair of shoes will set you back $800, a $5,000 car will require $160,000 and a $75,000 house will be selling for $2,400,000. These papers are published weekly at Roy, Utah, 5388 S. 1900 W. Mailing address: P. 0. 6 Box 207, Roy Utah 84067. Telephone 1 or Salt Lake 2. All news and photographs for Wednesday papers must be in the news office by 5 p.m. 825-166- 359-26- Pictures may be included Monday. without charge either taken in our office or submitted by our readers. J. Howard Stahle Owner-Publisher-Edit- or Asst. Publisher Adams Ad. Mgr. Mrs. Bonnie Stahle LaVora Wayment Keith Duncan Nancy Lynn Krzton So there will be little advantage in being a millionaire. But if your income keeps up with rising prices, something that seems to be increasingly harder to do, should not you at least be staying even? The answer is no. Inflation is going to do more than just make you a millionaire, it is going to make you a poor millionaire. Under the existing tax system as your inflationary income increases you will be forced into higher income tax brackets. Your income may keep up with inflation but you will be able to buy less than before because a larger share of your income will be going to the government. For instance, in 1977 the typical family of four made $15,000 and paid 9 percent of this income to the federal government in income tax. If the inflation rate averages just 7 percent a year, and this familys income increases at the same rate, by 1987 the federal income tax will claim 18 percent of their income. Even though their before tax income will have stayed even with inflation, in terms of what this family can buy with its after tax income they will be ap Courier Editor Times Editor Beacon Editor 1 Staff Staff Staff Cindy Shy Pam Zaugg Trade Bailey The International Folk Dancers from Brigham Young University will present "If s a Small By Ray W. Burnett The necessity for Americans to become involved in the issues and their election process has never been of greater consequence to the survival of the free America, we all know and love, as it is today. Blood has been shed for the right of people to be different and to disagree with one another, but that doesnt mean there is disunity in their purpose. Free men will always possess a oneness even though they of dances from countries around the world a program March 29, 1980 6:30 p.m. Val. A. Browning Fine Arts Center Weber State College For ticket information, contact: disagree. 1980 is the beginning of a new era, a challenging decade that could become a defiance to Americas freedoms and way of life. In the past, it was generally believed that Americas unlimited natural resources, its being the superpower, the worlds greatest deterrent to nuclear warfare, its dramatic advances in technology, and the great American tradition Ralph Allen-825-- 8350 825-052- 0 Donald Forsgren Jack Alierts Bank of Utah (Main Office) would shape the world and the coming years for decades into " a long peaceful coexistence. However, a single political party has led the nation in the wrongdirection for over forty years. Trends of Socialism add communist influence have infiltrated and contaminated oiir institutions of family, faith, government, and free enterprise. T : Tickets available at: Book Jorgenson's & , Gift Store, Roy dMaffi Gi Heres go to Snowbird everyday. ijnnwKiSr, why you should choose Stevens Henager -- I in Learn how to live, as well as how to make a living! Participate in full L.D.S. Institute Program on Campus! Enjoy LDSSA Activities with students having the same goals in life! Receive personalized instruction from master teachers who really care! Pursue a business education tailored to your needs! Begin your major the first day of school! O Alan Kingsford, Branch Manager, Tracy-ColliBank & Trust, Snowbird. have a great job at Snowbird, running the branch I office for Tracy-Collin- Bank s & Trust. I have received a number of excellent promotions whileworking at the bank, and must give some of the credit to the excellent business education received at Stevens Henager College. I Only ono year, Receive lifetime job placement and privileges on skills at no additional cost! Become job ready in weeks, not years! Choose a one or two year course from the following majors: These influences have caused national government to become unconstitutionally greater in size, mandating federal powers upon state and local governments, another gross violation of the U.S. Constitution. The results of these misguided trends and a one party system finds America practicing socialism in order to gather votes that cancel the efforts of those that want to rid the nation of the one party system, while national representative government is catering to special interest over that of the American public. So in reality America is facing the 1980s with energy shortages, non-sto- p inflation, limits on its natural resources corruption in government on a grand scale, a rapid decline in global security, exploitation of the many by the few because of special interest which controls Congress, and a serious retrogression in American leadership, justice, law and order. It all amounts to high treason and malfeasance in public office but the Americans cannot prove it anymore than they could prove a conspiracy assassinated President John F. Kennedy. Will such misgivings plunge the U.S. into apathy and despair? Or even worse could America in desperation seek solutions that could result in a totalitarian socialism as in Russia, or even an American Hitler? What happens if Americans are unable to unseat the political corruption established in Washington because of cancelation voting by those for whom such government benefits? All states unite who agree that the federal government is out of the control of the people and secede from the union in order to restore national government to its constitutional limits. What else short of revolution can be done? The Declaration of Independence is as meaningful today toward any transgressions by a corrupt federal government as it was toward the absolute tyranny of King George III. It must be remembered that the American Republic is bound together by a treaty. That treaty is the U.S. Constitution. If it is no longer recognized, or being properly adhered to by the national government, and there is no sign that the people can maintain control of it, then that treaty is broken, dissolved, and so are the political bands that connect the states to this treaty. The American people will either control the government in Washington or the states will secede from the union until such time as the federal government is restored in accordance to the constitution and the will of the people. Lets consider an analogy that can help us understand the consequence to. move in reform with impetuosity, or stagnate with abstinence. History reveals a social cycle about mankind. Like a merry-go-roun- d a certain place on it results in the best way of life. Maybe its the Washington ? America doesnt like its new position on it. Take a reference point on this gyration. Call it servitude, next is faith, courage, Revolution, unity, freedom, liberty, Democracy, free enterprise, prosperity, joy, United States of America, special interest, organizationalism, big government, welfare, corruption, deficit spending, disunity, selfishness, Socialism, greater 'inflation, destruction of free enterprise, economic collapse, death to American way of life, Dictatorship,- and return to servitude cycle complete. A further refinement to this cycle analogy that is difd is that once the optimum ferent than a position is found it takes continuous effort on the part of all and I wao ready for a good job. A short year later Stevens Henager College changed that for me. Today am employed as a secretary and bookkeeper with a major government organization. all I VC Blvd.-8440- $1,350.00 STEVENS HENAQER COLLEGE PROVO OGDEN -- Please send me your complete Information QOGDEN package for: QPROVO 1 (801)394-779- 1 Catalog STEVENS HENAGER COLLEGE means business ActOtmie fMCtifnct Smct 1891 Respectfully, Ray W. Burnett South Ogden t Letter to the editor: Publications enjoyed, especially Show Biz Dear Sirs: I want to say how much I enjoy your publications and ail the good news therein. I am making a scrap, book of the Show Biz columns and find it educational as well as entertaining. Ive learned a let from the column and just wondered if there are other country music enthusiasts who follow your paper religiously as I do? - Thanks, Emery 369 w 3000 Reg. OGDEN Can or wnia Now lor a FREE ' VIDEO TAPE RECORDER I NOW Tel. ! EX9160W I . NOW TWO CAMPUSES TO SERVE YOU (801)375-545- 5 free-enterpr- ise Reg. $445.00 Cathy Odell, Executive Secretary, Division Manager, U.S. Postal Service When walked in the doors at Stevens Henager didn't have any business skills. College & Evening Spring Day begin Classes 1980 March 30, Tel. ' CONSOLE STEREO No additional tuition for out of state students! 2644 Washington rectify Washington. There is the challenge! Can America meet the challenge? There are those powerful special interest in the nation, and other factions, who believe that they are untouchables because of citizen disarray and dissension. It is quite true and because this does exist amongst our citizens they remain safe and continue to fleece the average citizen at every level of. consumer consumption, It is no longer, because we no longer have any competition. Production is kept low so that demand remains high. A republic, unfortunately, varies between a pure democracy and an exclusive oligarchy (special interest). During the past several decades it hasnt varied, its been the oligarchy influence, rather than of, by, and for the people, and that influence is gambling the American people because of their disunity cant do anything about it. They may well control cancellation voting and beat us at polls, but what is Washington if enough states secede from the union? That may be the only trump trick America has left to sustain that best position for retaining the liberties and independence that has cost America so much blood and treasure to establish. First, we must get that one party bunch of homesteaders out of Congress, and replace it with new blood and a warning Vote Improve, or America will fire Washington. American, vote independently, but vote! Olson SYLVANIA TV SALE Accounting Court Reporting options Business Machines and Clerical Medical Administrative Assisting. 1 Americans to remain there or we are shifted to less favorable positions that might well forfeit some of our liberties that we could not get back, once again, short of a revolution. The problem seems to be that as a nation we are no longer a unified body of people. Too much government, too many organizations, and too many religious faiths has destroyed our real faith in one another, isolated and divided us. Through our loss of unity we have lost control of our national government, or at least those who benefit from such government believe that we shall never regain it in order to merry-go-roun- and Business Management Administrative Assistant Marketing and Sales Management Business Management-Secreta- rial Science with Legal, Medical or PROVO 250 West Center-8460- money supply more rapidly than the increase in productivity. Only by controlling the money supply can inflation be controlled. And since the money supply is controlled by the federal government inflation can be controlled by our representatives in Washington if they chose to do so. Unforuntately, it is very popular to vote for expanded government programs on the one hand, while voting for tax reductions on the other. This necessarily results in the budget of the federal deficits that have become the trade-mar- k government. The federal government has run a deficit in 18 of the last 19 years, managing to spend 380 billion dollars more than it has raised in taxes. The enormous size of the recent deficits has made it impossible to cover them entirely through borrowing. The alternative has been for the Federal Reserve System to cover the remaining debt by creating new money. In recent years approximately 40 percent of the federal deficits have been covered through the creation of money. The result has been a rapid growth in the money supply and the longest inflation in our nations history. But hope for containing inflation is not completely unfounded. People are becoming increasingly knowledgeable as to the source of inflation and painfully aware of its costs. Politicians are finally beginning to get the message that their constituents are serious about reducing governmental extravagance, and are responding, if somewhat reluctantly. There is increasing enthusiasm for changes, such as the balanced budget amendment and across the board expenditure restrictions, which will make it more difficult for the federal budget to increase relative to the size of the rest of the economy. Whatever the merit of these specific proposals, until some discipline is imposed on the political process, swollen budgets and increasing inflation will continue to bo the news out of Washington. But if we let our political representatives know that we have had it with inflation and the undisiciplined government spending behind it, then just maybe we can prevent our children from becoming millionaires. proximately 9 percent worse off. And this does not consider the inflationary impact of state, local and social security taxes on their spendable income. This is not all. Because of inflation you are also losing on your savings account. By federal law banks and savings and loan associations are not permitted to pay much over 5 percent on pass book accounts. So if you have $1,000 in a percent, after one year your savings account earning 5 savings, including interest, will be worth less than the $1,000 is now. In one year you will have $1,057.50 in your savings account, (ignoring daily compounding of interest) but if inflation is 10 percent it will take $1,100 in a year to buy what $1,000 will buy today. To the injury of inflation government adds insult by taxing you on your loss. Even though the $57.50 in interest on your $1,000 savings did not keep up with inflation the government treats it as income and levies as tax on it. So that, if you have a taxable income of $26,000 and the inflation rate is 9 percent, you will have to earn approximately 17 percent on your savings just to break even. It is not surprising that saving money has ceased to be an attractive option for most of us. Right now we are saving less than 5 percent of our disposable income, one of the lowest savings rates in oiir nations history and by far the lowest savings rate among the major industrial nations of the world. In Japan, for example, almost 25 percent of disposable income is saved and this savings rate is over 15 percent in West Germany. The result is that Japan and West Germany, as well as many other countries, have been increasing their productivity much more rapidly than has the U.S., where productivity has increased hardly at all in the last few years. For lower savings means lower investment; lower investment in capital and equipment means lower productivity; and lower productivity means less wealth.' Why has so little been done to control inflation? It is not because no one knows how to control it. Economists have known for centuries that inflation is caused by increasing the merry-go-round- brush-u- p Accounting (to CPA available) Clearfield Courier, March 12, 1980, Pops 2 Resolution or he conquered? Meet the challenge! World" T"' Page 2 (Quickly becoming land of poor millionaires Sun Chronicle M. Glen Ben Lomond Beacon, March 13, 1980, Sun Times, March 12, 1980, Page 2 SC9208P Solid (tot AMFM stereo receiver Full size BSR automatic turntable Two 8" duo cone e speakers Built In Reg. $349.95 NOW Name Address . State . City .Zip. HOURS: 10-- 6 10-- 8 Telephone Mon.-Thu- Frl. A r. Sat. Only Appliance Center 5975 S. 1900 W. Roy, Utah . Tyson feels no need for ERA LOGAN, UTAH Actress Cicely Tyson in her talk to Utah State University winter quarter here, said there is no need for an Equal Rights Amendment in United States we all are entitled to everything this world has to offer simply because we were born In America. she pointed out. My mother came from the West Indies to America when I was growing up, she said, and she possessed strength and courage. She said that her mother was like Jane Pittman, possessing strength and courage. Mrs. Tyson siad that she will accept only those roles that reflect American black tic women as she knows and true to life. them-realis- ammmmmtMooooooQooooooooooooooooooooiffl |