OCR Text |
Show grim diagnosis - Like a fever thermometer, the cost of living index in-dex continues to indicate the presence of a virus in the U. S. economic system. That virus is inflation, and there is no cure for it except a strong dose of reform re-form in the high-living habits of government. There is talk of a substantial tax increase to help offset a deficit in the federal budget that some have estimated as high as ,S25 bjllion for the fiscal year that began July 1. But, a tax increase will not cure the vims of inflation nor curb the harassing monthly month-ly increases in living costs until people one day realize that the annual decline in the value of the dollar cannot can-not stretch on into infinity with prices continuing to move inexorably upward. At some point, there must be control of government govern-ment spending or the dollar will cease to exist as a medium of exchange. That is the grim terminal diagnosis diag-nosis which the cost of living fever thermometer portends. por-tends. Curbing nonessential spending at all levels of government is more essential than ever before in our history. |