OCR Text |
Show MORE DEBT-MORE DEBT-MORE TAXES. - In a recent address, Bernard M. Baruch said:- "Our basic trouble is debt and taxes yet we try to cure it by piling on more debt and support it by more taxes." Those arc simple words and few, but they go right to the root of our present pres-ent difficulties. .. The post-war expansion of government govern-ment national, state and local may be fairly compared to the expansion in business that took place during the boom. New bureaus were added, new activties were taken on by the thousand, thous-and, new bureaucrats began feeding at the public trough. It was all necessarily neces-sarily financed by higher taxes and by bond issues, made possible By the inflated prosperity of the time. The difference between government and business appears in what followed. follow-ed. So far as business is concerned, it met the crash realistically. Prices dropped, incomes dropped, markets shrank. Business wrote itself down accordingly. It didn't make an effort to keep going on an "Inflated basis in a period of depression. Government has. It is spending more money now than in 1929 it has greater indebtedness indebted-ness it has yet made little progress in achieving real economy. The voters, being the stockholders of the government, must see that it is written down, precisely as the stockholders of private concerns wrote them down. We've reached the saturation satur-ation point in debt and taxes. We must act. The burden is already too great to bear. |