OCR Text |
Show Truman lo Air Cure for Economy Ills Radio Talk Tonight Expected to Ease Depression Scare WASHINGTON, July 13 11 President Truman is going to sit down Wednesdsy night snd tell the American people about his precription for heading off a depression. de-pression. He wants to get over to them his ides thst there is nothing to be scared about In the moderate economic decline unless folks get panicky. And he wants to defend the fiscal policy of his administration sgalnst criticism by some members mem-bers of congress. The president will talk to the nation over four major radio networks net-works snd vis television from a desk In the movie projection noom at the White House. This first msjor so-called fireside fire-side chat" by Mr. Truman this year is scheduled for 9:30 p.m. EST. Enlarges Report The talk. White House aids said, will be sn elaboration of his midyear economic report to congress con-gress on Monday. In this he scrapped earlier demands for s 14.000.000.000 tax increase snd proposed sa 11-point program to expand production, employment and purchasing power. The theme of thst messsge was thst the country cannot have prosperity "by getting adjusted to the idea of a depression by cutting investment or employment employ-ment or wages or essential government gov-ernment programs" Mr. Truman took the stand that to cut what he called essential essen-tial programa. in an effort to avoid in-the-red financing, would lower national output, and employment em-ployment as well. He said such cutting could cost the government more in the long run than they would save now. He has pledged the admlnlsta-tion admlnlsta-tion to seek achievement within a few years of a "national out-. out-. Steerage 4. Colons Truman Airs Economy Cure Tonight Continued from Page One put well above 300 billion dollars' j throujrh "constantly growinjf employment em-ployment and purchasing power. To Explain Taxes The president ia expected to tell radio listener why he backed down from his demands for major tax increases in favor of raises only in pi ft and estate ! taxes and repeal of the transport 'tat ion tax on freight. As an aid to business, he asked more j liberal provisions permitting cor-: cor-: porationa to average out bad years againat good, to soma ex-tent, ex-tent, in determining their tax obligations. As further incentives, he advocated: ad-vocated: 1. Extention of the maximum time of maturity of RFC loans to business. 2. A study of investment and development and market opportunities. oppor-tunities. 3. Legislation to provide technical tech-nical assistance to underdeveloped areas abroad "and to encourage investments in such areas." Rep. Spence (D., Ky i. chairman chair-man of the house banking; corn-on corn-on this last matter. It -would provide authority to the Export Import bank to guarantee some of the risks capital would be subject sub-ject to in such foreign investments. invest-ments. , |