Show Profits Mean Jobs Putting it quite bluntly let me say slY I am for Cor profits because I believe that more profits means more jobs And at this particular time we need more jobs These words of President Nixon at It the Economic Club of Detroit make clear the wisdom of not imposing bureaucratic bureau bureau- cratic controls on profits He Ill pointed out that price control in a I very real sense isa is isa a form Corm of oC profit control once removed When there is control of oC prices and costs he said The only way that there can be more profits is for Cor the industry involved to expand and that means more jobs jabs and we think that thatis is good Also he reminded us that government is a I major beneficiary bene bene- beneficiary of high profits because of the 50 per cent corporate income tax and that there arc are million Americans who share in profits either cither as stockholders as IS members of mutual funds or who are arc beneficiaries es of oC profits in one way or another American workers receive the highest wages in the world approximately twice as much as the nearest competitors competitors com com- according to the President He said it will be possible for these workers to continue to compete only if they have the equipment and the machinery and the organization that gives them a competitive advantage over over those from abroad When you really look at what makes this economy work when you really look at what produces jobs it comes from profits being plowed back into industry and making American workers thereby more competitive and thereby producing more jobs the President said lIe He said he thought every American would be for this if they understood |