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Show Cost Up 8 In 73 Due Inflation To Utah Taxpayers AssociaInc. tion, Inflation is a dirty word. It is taxation without legisYet the ardor for lation. inflation never dies. We would have far less trouble with inflation if its symptoms were unpleasant, like leprosy or cancer. Unfortunately, they too often resemble those of A little inflaalcoholism. a like tion, couple of drinks before dinner, seems to be very pleasant. Yet the ultimate outcome of inflation is never pleasant, for some more than for others. These are the 'forgotten ones': the people on fixed, or near fixed incomes, the owners of savings accounts, life insurance, Federal savings bonds, and some 30 million people trying to live on pensions and annuities. Inflation has now gone from a creep to a gallop. After years of relative stability, the consumers price index, the governments measure of rose 8.8 the in all of last year. This is the most in any year in more then a quarter of a century, claims the Labor Department. cost-of-livi- ng, Supermarket prices rose 22.1 in all of 1973, gasoline prices went up 18.6, and fuel and coal prices rose 44.7. The February index went up 1.3, the second largest monthly jump in 2 3 years. The 1974 rate of inflation will be 15.6 if this monthly rate continues through the year. 15.6 inflation is equivalent to a 15.6 cut in everyones Inflation of gross income. this rate is a major assault on our very living standards. In the face of this, there are many that are happy with inflation. They claim we have never had it so good. The working man is happy to get a raise in pay. It means nothing to him that this wage rate has been advancing about twice as fast as the productivity of industry. This is bound to produce inflation. He just likes the feel of more money in his pocket. The investor likes to see his land prices go steadily He is undistrubed that up. this rise is not caused by increased earning power, but rather proby the bidding-u- p cess as a hedge against in- flation. Political pressure groups ar e all happy to see govern- ment spend more. They go to Washington for alms and for their fair share' of the looting of the taxpayers. Yet excessive government spending is the most powerful inflationary influence in the nation today. The businessman likes to see his sales volume increase and his profits with it. He is willing to ignore for a time the fact that his greater turnover represents higher prices, not more units of merchan- Saving means more now than it ever did, at First Security. For one thing, it means you can earn higher interest. Up to 7Vi per annum. For another, it means you can be assured of earning that high interest for a full four years. A short time ago, banks were given permission to issue a limited number of four year savings certificates, paying higher interest rates than ever before. Since First Security has always been a leader in paying our customers the highest return on savings, we're now offering, for a limited time, $1,000 savings certificates paying 7Va per annum. Interest is paid four times a year, by check or deposit. Our other excellent savings packages, available for shorter periods of time, also earn our all time high interest. And passbook savings earn 5 per annum. Whatever amount you want to save, whatever time you want to save it, remember, saving means more now than it ever did at First Security Bank. Open your account now. 4-y- ear dise. The manufacturer is happy to get orders for government boondoggles. The fact that the things he makes do not add to the productivity of the cound, try is, if he is Government immaterial. for is good spending short-sighte- business'. The farmer is happy to have the government spend billions of dollars each year to support the price of his products. He does not care too much that this increases prices to the consumers, restricts consumption, destroys his turn to page S13) fcr-(Ple- ase Resources over $1 billion First Security Bank of Utah, N.A. First Security Bank of Idaho, N.A. First Security Bank of Bountiful, N.A. First Security Bank of Rock Springs, Wyoming First Security State Bank of Springville First Security State Bank First Security Bank of Logan, Utah, N.A. Member F.D.I.C. Federal regulations prohibit the payment ol a certilicate prior to maturity unless three months ot the interest thereon is forfeited and interest on the amount withdrawn is reduced to the passbook rate. |