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Show Page 6 The Utah The Paper That Dares To Take Independent February 6, 1975 Continued from page NATIONAL DEBT 1940 $ 42.9 billion 1950 257.3 billion 1960 286.3 billion 1970 370.9 billion Congressman Ben B. Blackburn on September 27, 1974, declared: Through the process of deficit spending our national deficit has achieved a cumulative total of $70 billion during the past six years. At the end of August (1974), our national debt stood at $479.4 billion. Interest, alone, on that debt was costing us $31.5 billion per year. U.S. GOVERNMENT EXPENDITURES 1952 $65.4 billion 1960 76.5 billion 1965 96.5 billion 1967 153.1 billion 1969 183.0 billion 1970 194.9 billion In 1970, for fiscal 1971, President Richard Nixon gave the nation its first $200 billion budget. Then, four years later, in 1974 he sent to Congress his fiscal 1975 budget which carried a price tag of $304.4 billion. The source of the above tabulations is the 1971 WORLD ALMANAC based on figures of the U.S. Treasury Department. HUGE DEFICIT PREDICTED An article by Robert Dietsch of the Scripps-Howa- rd Staff which appeared in Denver's ROCKY MOUNTAIN NEWS on November 29, 1974, stated: Even Roy L. Ash, director of the Office of Management and Budget, conceded that this (current) fiscal years budget could wind up almost $20 billion in the red. And Ash and other top-lev- el Ford Administration officials say next year's budget for fiscal 1976 beginning July 1, 1975, could be equally in deficit." The article referred to the fiscal 1976 budget which Ford will send to the Congress in January 1975 and stated that spending estimates are now nearing $340 billion. The above figures to not include the $15 billion cost of Ford's tax rebate proposal. Thus, 1975's fiscal year deficit will be over the highest peacetime deficit $35 billion in the nation's history. Because of this astronomical federal and the resultant increasing national deficit, the value of the dollar has shrunk from $1.00 in 1940 to 26C in October 1974, nd is still falling. GOVERNMENT MORE BORROWING TRIGGERS INFLATION When receipts by the federal government do not cover the proposed annual budget the government has to go out and borrow money to pay for its unnecessary and wasteful programs. The cost of that borrowing, according to Senator Harry Byrd, in the present fiscal period has "made $71 billion unavailable to most of the private sector, and it played a major role in forcing the prime interest rate up to 12. " Thus it is government borrowing that is making it so difficult for businesses to get funds for expansion, and for the average person to acquire money to buy a home. In this connection, the PRESS NEWS-FR- EE this to say: had CHATTANOOGA of August 24, 1974, You simply cannot expand businesses and increase production unless the money is available for the expansion. So, instead more consumer goods at lower prices, we have short supply and higher prices. And as government spending climbs, so does inflation." of turning out THE WELFARE MONSTER defense is the principal reason for government spending. legitimate according to Gary Allen in the aforementioned article in AMERICAN OPINION magazine, during the Nixon Administration the percentage of the federal budget being spent to defend the United States fell from 44 to 29, while at the same time spending has rocketed from Although non-defen- 56 se to Stand THE REAL CAUSE OF INFLATION MAT IS spending A 71. Jonathan Spivak, writing in r H E STREET JOURNAL of March 12, 1 reported: Conservative Despite five years of rhetoric and efforts at retrenchment, the more than Republicans have succeeded in on doubling the government's spending social welfare. The new $111 billion budget of the Department of Health, Education ofand by Welfare, a dimension undreamed consume will Creat Society Democrats, of all federal revenues more than one-thi- rd and its potential for growth shows no signs of slackening.... Last year, social welfare spending at all levels of government exceeded $1,000 more than Senator McGovern' per capita in his presidential campaign. promised WORLD REPORT in its March 25, 1974, issue revealed that welfare programs provide subsidies for 1 out of every 14 Americans. William Chapman, in Washington-base- d an article which appeared in T H E DENVER POST of November 6, stated that President Ford is "receptive" to the idea of a "guaranteed-incom- e plan proposed by the Department of Health, Education and Welfare." HEW secretary Caspar Weinberger's plan would guarantee a minimum income for every American. A family of four with U.S. NEWS & course, all higher costs of production by the nation's businesses because of this excessive government regulation is being passed on to consumers in again fuelling the inferno higher prices of inflation. SQUANDERING THE TAXPAYERS' DOLLARS IN FOREIGN AID From 1946 to June 30, 1973, the U.S. has given away in one form or another a total of $158.5 billion dollars. Add to that the interest we have had to pay, $94.6 billion, in order to borrow the money before we could give it away, and the grand total cost of foreign aid to the American taxpayers is $253.1 billion. This giveaway has been sent to 127 countries and ministates throughout the world. On October 23, 1974, Congressman Bill Scherle stated: For the fiscal year 1975, for example, the taxpayers have been asked to fork over a total of nearly $8.4 billion in foreign aid. '.Vf shouldn't glance over that figure it represents the total income of 1.12 million hoL beholds earning about $7,500 a federal government. welfare family would also be eligible for Medicaid, Medicare, public housing, education, unemployment benefits, social services and a host of other government subsidies. According to HUMAN EVENTS , a Washington national weekly, it is estimated that 42 million to 60 million, or more, families would qualify for this new welfare grant. And, of course, this vast, open-en- d, giveaway of the taxpayers' dollars would add immeasurably to the national debt because of this deficit spending, and thus immediately begin u fan the fires of inflation. This no-ceil- ing MUSHROOMING FEDERAL BUREAUCRACY If enacted into law. Ford's proposed surtax will, of course, put additional billions into the hands of federal bureaucrats. THE INDIANAPOLIS STAR of November 8, 1974, noted that the U.S. Chamber of Commerce had predicted that by the year 2000 there will be one worker on govern- year! And, should be noted that while President Ford loudly proclaims his determination to fight inflation, a UPI dispatch of November 26, 1974 stated: would be assured of receiving $3,600 a year in cash from the other income no of And, U President Ford in voiced his concern about the deep cuts in a variety of foreign aid programs. mid-Septem- ber OF OUTRAGEOUS EXAMPLES SPENDING FEDERAL THE INDIANAPOLIS NEWS in November 1974 reported that the National Science Foundation is spending $2.6 million to study the sex life of crabs ar.d $3 million for "Research in Biochemical Systematics, Emphasizing Higher Plants." THE NEWS also revealed that the U.S. is shelling out $1.7 million to study "interactions between various members of munity." the wildlife com- The executive director of the National Taxpayers Union, James Dale Davidson, jn an article which appeared in THE WASHINGTON POST'S POTOMAC magazine In the spring of 1974 gave the following examples of ridiculous and unnecessary federal spending: totally $68,000 paid to the Queen of England for not planting cotton on her Mississippi ment payroll for every one worker In private industry. Presently, the ratio is five persons employed in private industry for every one civilian employee in gov- farm. July 1974 more than new employees were added to the payroll. That payroll is now 3,000,000 at a cost of around $33 $203,000 to finance aid for motorists lost on the Los Angeles freeway. CHATTANOOGA NEWS-FR- ernment. During 30,000 federal almost billion $121,000 to analyze why people say "ain't." $375,000 for a Pentagon study of the Frlsbee. EE PRESS September 2, 1974, citing a Congressional report, stated that $576,969 had been appropriated for the National Institutes of Health to conduct at the University of Florida's Institute of De- annually. Other sources of domestically-induce- d inflation can be traced directly to higher costs of doing business under restrictions of federal laws and regulations. The federal government is now administering a large number of "consumer protection programs via 57 agencies at a cost of $3 billion a year. These federal agencies, staffed by appointed bureaucrats, are now imposing expensive, and often unreasonable regulations on the businesses of our nation. The most costly and harmful is the Occupational Safety and Health Act (OSHA). A McGraw-Hi- ll survey estimated that OSHA regulations cost businesses around $2.5 billion in 1972, $3.1 billion in 1973, and have forced hundreds of small businesses to fold up due to exhorbitant fines and impossible demands. OSHA regulations, for example, have added approximately $3,000 to the cost of building a $35,000 house. Another of the meddling, anti-polluti- velopment of Human Resources a study to teach mothers how to play with their children! MUST BE CUT! inflywAv events of October .Con8ressman Bob Huber offered th fftii ?nf-solutlot0 the galloping engulfing this nation: .laying no can be a yes vote for i .c overburdened taxpayer. For instance, it the majority of the 9.3rd Congress had voted against programs as oiien as I have, the American taxpayer ,.av saved, I figure, more than , -- yvs, I said billion. That p. tiii run m total federal spending would rnivc saved enough to balance the federal in-nat- n non-essent- ion ial . 'uuget last year, provide for a cut in individual income taxes, and still left enough taxpayer-financ- ed federal bureaucracies is the Environmental Protection Agency (EPA). Its regulations for automobiles will cost consumers $95 billion According to Gary Allen: "The outlay to be demanded of consumers and taxpayers to 'clean up the environment' in conformity with the new bureaucratic standards is estimated at $287.1 billions " on amount delit f the national on WHAT YOU CAN ten-ye- ar . ; . DO agree that the only solution to this yi astI)ting inflation now affecting all Amer-S- .. i11 , s thc drastic deduction in federal S ,an.d federal to cover deficits runningborrowing into the billions, Continued on Page 7 |