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The demand for lowered costs on farm products and basic materials can not be ignored. Rates horizontally increased, to meet increased wage outlays during the war inflation, are not easily reduced. When some very moderate wage reductions were effected last summer there was a 5 per cent horizontal reduction in rates.
After a number of newspaper ventures he became the editor of the Kansas Farmer of Topeka in 1880 and continued in that position until he was elected to the United States Senate. He was a member of the Knights of Labor and was an ardent prohibitionist and, above all, an advocate of currency inflation.
The substitution of "pet banks" for government deposits led to a great inflation of paper money, followed by a general mania for speculation. When the bubble burst these banks were unable to redeem their notes in gold and silver, and suspended their payments. Then the stringency of the money market equalled the previous inflation.
Even though it were in the power of the Food Administration to repress prices, the effect of maintaining the same price level in the face of such increases in costs of manufacture, transportation and distribution, would be ultimately to curtail production itself. We are in a period of inflation and we cannot avoid the results.
This tax increase would yield about half of the $23 billion per year that we returned to the people in the tax reduction bills of 1964 and 1965. This must be a temporary measure, which expires in less than 2 years. Congress can repeal it sooner if the need has passed. But Congress can never repeal inflation.
Budgets must be tight enough to convince those who set wages and prices that the Federal Government is serious about fighting inflation but not so tight as to choke off all growth. Careful budget policy should be supplemented by other measures designed to reduce inflation at lower cost in lost output and employment.
On the one hand, some of the greatest fizz in history occurred during periods of disinflation. One is reminded of the global boom in technology shares and real estate in the 1990's. On the other hand, soaring inflation forces people to resort to hedges such as gold and realty, inflating their prices in the process.
It was a discoloured face it was a savage face. I wish I could forget the roll of the red eyes and the fearful blackened inflation of the lineaments!" "Ghosts are usually pale, Jane." "This, sir, was purple: the lips were swelled and dark; the brow furrowed: the black eyebrows widely raised over the bloodshot eyes. Shall I tell you of what it reminded me?" "You may."
Among them, as stated eight years ago: strengthening of the mutual security program; development of world trade and commerce; ending of hostilities in Korea; creation of a powerful deterrent force; practicing fiscal responsibility; checking the menace of inflation; reducing the tax burden; providing an effective internal security program; developing and conserving our natural resources; reducing governmental interference in the affairs of the farmer; strengthening and improving services by the Department of Labor, and the vigilant guarding of civil and social fights.
Every day we spend more than $120 million for foreign oil. This slows our economic growth, it lowers the value of the dollar overseas, and it aggravates unemployment and inflation here at home. Now we know what we must do, increase production. We must cut down on waste. And we must use more of those fuels which are plentiful and more permanent.
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