Show WHEN GOVERNMENT BORROWS EVERYONE PAYS Individuals and businesses seeking loans have a major competitor the competitor the federal government Even larger than the billions of dollars the Treasury must borrow each year to cover cover- budget deficits is the amount it needs must also borrow for so-called so off budget These off budget requirements pertain to more than government loan-guarantee loan programs enacted by Congress Loan guarantees currently outstanding total more than billion up from 91 billion in 1965 From fiscal year 1965 through fiscal year 1975 cumulative budget deficits totaled billion while borrowing for off budget items totaled another billion This meant that federal demands on the financial markets came to nearly third one-third of a trillion on dollars in the 75 1965 period What it means to all Americans is that the federal government government government govern govern- ment is sopping up an enormous amount of funds out of the limited savings pool available for personal financing and productive investment in the private sector sector investment investment which would create jobs and encourage economic growth You feel this pressure in paying higher interest rates when you borrow funds to buy a house an auto or or TV set or to send a youngster youngster youngster young young- ster to college It Its It's a p popular pular myth to think that government loan Joan guarantees guarantees guarantees guaran guaran- tees dont don t cost the taxpayer a penny as is often said on Capitol Hill The s sad d f fact ct is that every taxpayer pays a and d pays dearly for such programs |