| Show LISTEN imm MI AMEE mAllo yd by dr george S benson DIRECTOR BECTOl OI NATIONAL EDUCATION PROGRAM searcy arkansas washington D C for nearly two years the men who constitute the financial brains of the eisenhower Elsen hower administration have been wrestling estline wr with vital problems affecting the present and future economic welfare of our american citizens the experience has strengthened in their finds the convection that the greatest measure of economic well being tor for all the people will be achieved through the wholesome normal growth of americas production facilities within the framework of the private enterprise system this Is the essence of the report given to me in person by marion B folsom under secretary of the U S treasury and one of the key members of the presidents cabinet rank financial team the U S governments important function in shaping the nations economic welfare is in the view of under secretary folsom twofold two fold told 1 the creation of a stimulating climate in which industry and business will make new investments creating more and better jobs and new wealth and let dentally a broader tax base and 2 the establishment of governmental policies including tax reforms which will make it possible tor for dick tom and harry consumers of the nation to provide a spending impetus challenging to the competitive spirit and ingenuity of american producers how has it worked in the third quarter of this year july august september mr folsom said the nation experienced more money than ever before and living costs leveled oft off both ot of these factors benefited the people they had more money to spend and the dollar plagued so long with inflation was becoming stabilized in its ita worth added to this improving picture was the whopping billion national product the continuing expansion of production facilities in industry and business steade stead liy increasing wage rates and believe it or not a decrease in the expenses of government permitting the first tax cut in years it seemed to me as I 1 told mr folsom that all this was on the good side ot of the ledger but how about the national debt 1 I tor for one had been disturbed by the adain admin administrations list rations failure to balance the budget we reduce taxes and at the same time eliminate a 94 billion deficit in the last truman year mr folsom said A very rapid drop in expenditures without tax reduction would have caused too great a dislocation in the economy which was artificially supported by very heavy spending we cut government ex benses and began to trim down the budget deficit then we put more dollars in the hands of the public by cutting taxes inflation inal aaion began to taper oft off the dislocations of pio and employment were cushioned and were beginning now to see a stable and healthy economic situation with the nations economy economy healthy and standing more and more on its own feet we certainly are sticking to our goal of a balanced budget and are continuing to work for it we look forward to a growing national income which will improve the general welfare for everyone the government included |
