60—Lancaster Farming, Saturday, Sept 14, 1974
Inflation fighting
recommendations are being
heard from many different
people these days. Political
leaders, labor leaders,
business leaders and voters
in general are making
serious proposals for
combating our cost-of-living
problems.
In general, my own views
on specific steps needed to
get inflation under control
foil into seven categories. It
is the seven items in my
personal anti-inflation
program that I would like to
discuss in this column.
First, Federal spending
must be cut substantially.
While this part of the
program is nothing new for
me to be advocating -1 have
consistently said that
reduced government
spending would help us get a
grip on rising prices - it is a
very important part of the
whole. The Federal
Government can best show
its seriousness about the
inflation fight by making the
first sacrifices itself.
Specifically, I would
recommend a $lO billion but
in Fiscal Year 1975 and a $l5
billion cut in Fiscal Year
1976.
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Second, the Federal Work
force should be reduced. The
figure of 40,000 persons being
widely discussed in
Washington seems a
reasonable reduction and
one that could be achieved
through attrition.
Third, a tax increase on
corporate profits and
perhaps on individual in
comes over $25,000 should be
explored. We must make
certain that such an increase
would not discourage the
investments that are
necessary for economic
recovery, but tax policy
must always be regarded as
a potential inflation weapon.
Fourth, we should
eliminate the tax deducation
permitted for foreign tax
credits. This is primarily a
business deduction that
allows American
businessmen to deduct from
their U.S. taxes the amount
they pay in foreign taxes. It
is a deduction llje
elimination of which can
serve the inflation fight in
two ways - by discouraging
the export of some American
dollars and by raising some
additional revenue that
could be used to begin paying
off the national debt.
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Fifth, the elimination of
another tax deduction - the
depletion allowance per
mitted for overseas oil
drilling - should be adopted.
This, too, would raise
revenue, but more im
portantly would encourage
exploration for lower priced
domestic petroleum rather
than the high priced oil being
bought from abroad. And,
increased fuel costs have
been a major inflation
factor.
Sixth, it should be made
very clear that there will be
no return to wage and price
controls. Part of the price
rise problem in recent
months has been in an
ticipation of a return to
controls. In other words,
prices have been increased
more than costs would
dictate as a hedge against
another freeze. If there is a
sure guarantee of no further
controls, this kind of in
crease will end, and inflation
rates will drop. In addition,
business may respond to
such a guarantee by ex
pressing its confidence
through new investments
and thus help stop the
present stock market
decline.
Seventh, a public service
job program should be
established to help those
people who find themselves
out of a job because of the
economic dislocations
caused by the Nation’s in
flation fight. Just as im
portant, the program could
Phone 626-4355
School Junks Junk Foods
Pupils at Edward Street
School in New Haven, Conn.,
won’t be eating potato chips,
candy or soda during lunch
period if Principal Joseph
Geremia has his way.
Geremia, a former science
teacher, sent notices to
parents this week when
school opened asking them
not to include the so-called
“junk foods” in their
children’s lunches. He said
those items will not be sold at
the elementary school,
either.
“I’ve seen students eat
nothing but potato chips and
soda,” he said. “It’s crazy.”
Geremia contends those
It takes ten trees one day
to produce the oxygen
required to burn just one
gallon of gasoline. At that
rate, it would take a grove of
28 trees to replace the
oxygen used by the average
American's car in a year.
Three hundred average
size books can be printed on
the paper made from one
tree.
be used to reduce the ex
panding welfare rolls that
have contributed to our
inflationary problems
because filling the public
service positions should
begin with those persons on
welfare who are able to work
at something.
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LANCASTER FARMING
foods do not belong in a
balanced diet.
“We’re so hypocritical,”
he said of adults. “We tell
kids not to smoke and we
P.O. BOX 266. LITITZ. PA, 17543
then smoke in front of them.
We also know that carbolic
acid in soda is harmful and
we drink soda.”
When the principal an
nounced his Junk-food ban at
a pre-school meeting,
parents cheered.
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