Show economic highlights highlights t H the hopes that were held out during the first half of this year for continued expansion of industrial production growth of private employment illa and UR an increasing national income have been dissipated hiie antle united baates enters the now new year under tho the cloua of oe a critical recession tue lie values of m dwyre chait N a single week during 6 C tober rand and they ire are still hovel hovering big near the lows reached at that time the em ela totals notably lu in tho the heavy industries are soaring seriously the rille standard indices of business activity have iti shown osvil alarin alarming and continued drops frightened investors in vestora reveal an increasing to place their money meney lu in productive enterprise dudl vi duals worried as aa to the future ire are cutting their personal buying to the ili limit alt with tile the resultant depressive influence on the entire business structure the chaotic lalor situation la is suu still another barrier rie r to the normal progress of trade and industry this recession cannot be accurately compared to tho occasional declines which chamizo cha talleo st all upward bu business cluess cycles it Is instead the inevitable result of IL a long series of deliberate act acts which could culminate only in what WO we witness today those chose voices were ware disregarded for many years because they refused to view conditions through rose colored glasses are seeing their prophecies and their fears come true today the federal government has pursued a policy of competition with private business which has prevented the spending of billions of 0 the federal government has haa pursued a fiscal policy which long enough continued must end cud in bankruptcy and has haa continuously put off the oho day of reckoning some two dollars have been abent for every dollar in ia tax revenues the federal debt las has doubled lu in about five years and the burden of present heavy taxes plus the prospect of still be heavier avier taxes in the future has alven one of tho the most dampening of all influences that retard investment and industrial development the federal as aa well as many 0 of the state governments lins has hampered normal mal competition in the field of retail trade to the end that chat prices have been artificially forced and the consumer has re belled business has hag been burdened with special taxes which while small revenue producers disrupt normal industrial operations the creation of the finan financial blai surpluses which are m essential safeguards W against bad times and discourage expansion in brief jovern government ment has tended in late years to be the enemy i not the ally ot of legitimate bli business siness a subsidized competitor not an hin umpire pire in affairs that belong property properly in the tha sphere of private enterprise in a democratic nation I 1 what can call be done to remedy this the answer la Is plain and it hag been given many times by men pro prominent in in finance in industry n journalism and in the government itzell glrst i must the ibe reassure be convinced that it will le he permitted under the Amox lean system of free enterprise to carry ou its functions without bureaucratic bureaucrat dictation and earu earn a reasonable profit from lla its labors second it la Is essential that congress take the necessary steps to remove from the beut bent back of industry the capital gains and the surplus profits taxes which are often called taxes without a frie friend lid third business must bo be encouraged to spend la channels that ere cre ate W wealth income and employment per for example it is estimated that if the much discusses peace pact between the administration and the utilities Is reached the electricity industry will spend a billion or inor morg annually tor for improvement pro and expansion fourth our basic medium of transportation the railroads must le permitted tariffs that provide a 4 fair margin of operating profit this industry la is normally the nations greatest single om employer and purel purchaser laser of supplies fifth the government must put its fiscal house in order which means a balanced budget and a plan pian for steadily reducing the na lional debt in matters industry there must he be a restoration of confidence there must be at a cooperative spirit toward our great security exchanges instead of an inimical attitude that tends to render them impotent there must le a rebuilding of our faith in the processes and philosophy of our constitutional form of government the industrial and agricultural resources ot of this country are greater than ever we lead the world in national wealth in living standards in opportunity and in potential achievement for the betterment of the lot of all out of this can come a finer filler civilization than the world has ha a ever known it if only we U use 90 to the fullest advantage the tools we have and ana in securing this the farat first essential Is fairlie sm and tolerance arance erance on the part of industry or nf government of labor and of all other elements in our national life |