Show the inflation pattern The President has announced that th the e expected deficit for the fiscal year which ended June 30 is 38 billion instead of the previously estimated 08 03 billion He gave the credit for the reduction to increased increased increased in in- in- in creased tax revenues along with reduced t spending Any in the governments government's fiscal position amounts to good news But the fact that a deficit of several billions bil bU billions lions has occurred during a time when business ss activity purchasing the gross national product and all the other economic ocono economic mic indicators have been at record levels should give any thoughtful person a pause The mind reels at what would happen if the country should undergo even a moderate moderate moderate mod mod- erate recession If the budget cant can't be bo balanced in a period of unprecedented boom when can It it be Meanwhile deficit financing continues to produce its inevitable corollary more price inflation It is true that the month by month increases are aro small But cumulatively cumulatively cum cum- they mark a further serious degradation degradation degradation de de- gradation of the dollars dollar's value They fall hardest on people of small means whom whon government policy is supposed to help Preserving what is left of the dollars dollar's worth by eliminating deficits should be bethe bethe bethe the first order of business in Washington |