| OCR Text |
Show adjust periodically to meet rising costs. It is not until income acquires ac-quires "fixed status through social soc-ial security, pensions or insurance annuities that a private citizen finds himself destitute due to an inflating dollar. Inflation can and must be stopped, stop-ped, the NAM contends, if America's Am-erica's position of leadership in the economic world is to be maintained and if today's working people are to sensibly provide for their old age. Inflation can be halted through reduction of wasteful government costs and services, by employment of a balanced Federal budget and, as government economies take effect, ef-fect, through reduced taxation, the NAM said. Utah Is Losing Millions Utah residents have lost millions mil-lions and millions of dollars in personal purchasing power due to currency inflation evidenced since World War II, according to a study released this week by the western division of the National Association Associat-ion of Manufacturers. The "missing" millions, reports the NAM, would have meant more powerful paychecks for every Utahn, furnishing the wherewithal for new homes, new cars, new household goods and recreational services; money that could have been used for retirement savings, education and medical care. Just how much money has actually act-ually been lost to inflation is, says the NAM study, impossible to determine as statistics for recent re-cent years are not available. It is known, however, that from 1947 to 1955 the personal purchasing power loss in Utah came to $855,800,000. The eight hundred million dollar dol-lar figure represents 4.9 times the amount spent for public schools in Utah over the past twelve years. It is 21.7 times the total worth of all the hospitals (except those owned and operated by the Federal government) in the state and 2.5 times Utah's share of the costs allocated for the President's huge interstate and defense highway system. Inflation is likened to cancer in the NAM report in that its debilitating effects on the individual's individ-ual's budget are rarely felt by working people whose pavchecks |
