Show AN EXPENSIVE BUSINESS THE state has Just negotiated another loan secured by tax anticipation notes which will cost just twice as much as similar loans have cost in the past The money was needed to finance the state until such time as anticipated revenue comes Into the treasury Why this happens to be beso beso beso so Is an entirely different matter The business o of the state is being conducted conducted conducted con con- ducted at a loss and will continue to be conducted conducted conducted con con- ducted at a loss under the borrowing arrange arrange- ment The loss is brought about because the expense of Cf state government is not held within with with- in En income In other words the machinery of the state government is being operated at ata ata a cost beyond available funds The amount of money the state finds it necessary to borrow each year is getting larger and larger and when the rate of interest doubles the additional expense to be borne by the taxpayers is out of all reason Either the state will have to cut operating expenses or increase taxation The latter al alternative alternative alternative al- al has been adopted by the state but the increase in revenue provided for does not begin to offset the added cost Therefore to escape borrowing money and paying exorbitant prices for it the only al alternative alternative alternative al- al left Is to reduce expenses Everybody Everybody Everybody Every Every- body else has had to do it |