PAGE EIGHT
UNIVERSITY DAILY KANSAN, LAWRENCE, KANSAS
WEDNESDAY, DECEMBER 20, 1950
Bums To Need 15 Cents If Buying Power Keeps Dropping
Washington—(U.P.)—If history merely continues to repeat itself the American dollar 50 years from now will be worth about one-third of its mid-century value.
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As the second half of the century begins, it appears that history already has begun to repeat itself so far as the American dollar is concerned.
The estimate of the rate at which the dollar is losing value is based on official figures compiled by the Institute of Life Insurance of New York.
The United States is entering another period of tremendous national defense spending similar to those which shrunk the dollar's value in World Wars I and II. And
Life insurance companies are concerned because their policy holders suffer severe penalties as the dollar loses purchasing power. At the estimated rate of decline, a $30,000 insurance policy taken out today would be worth in purchasing power only $10,000 on payment 50 years hence.
Possessors of savings bank deposits, pensioners, bond holders and all others whose stake is in fixed income or fixed value assets suffer likewise.
as in those two wartime periods it is acknowledged now as spending begins that the American people either will not or cannot pay-as-they-go.
Government borrowing during World War I. throughout all of F.D.R.'s White House years and all but two of Mr. Truman's were the main factors in the dollar's loss of two-thirds of its value from 1900 to 1950.
President Truman acknowledged that when he announced his national emergency plans. He said he would recommend to congress tax increases to put national defense costs "as nearly as possible" on a nav-as-we-go basis.
Congress is appropriating defense money now much faster than government can spend it. But within 12 months spending will be drawing
Erma broke the world's record for flagpole sitters by staying aloft 134 days, but she was less concerned with that feat than with what her Christmas stocking would contain.
Here's A Gal That's Really On High
San Francisco—(U.P.)-Shapely Erma Leach, 25, queen of the flagpole sitters, hoped today Santa Claus will be good to her this Christmas.
"I've been so busy opening my Christmas mail," she said, "that I haven't really thought very much about breaking the record. I'm getting quite a few packages, too. ...
"No, I haven't peeked at any of them. I'm going to have a real Christmas, even if I am 60 feet in the she said none of her presents
"But," she said wistfully, "I could use a new wardrobe. You ought to see my clothes after four-and-a-half months."
She said none of her presents air."
look like what she really wants more than anything—a fur coat. But then, she added, "I'm just kidding."
so Erma decided she'd outdo them all.
Erma climbed the flagpole Aug. 1. At that time, she had to go 118 days to break the record. However, several other aspirants in other parts of the country bettered that mark
At any rate, she'll collect $5,000 for an break the record and another $2,500 if she stays afloat until New Year's day, which she intends to do.
Bill Downs, 37, is now a C.B.S.
war correspondent in Korea.
KU Graduate Is In Korea
As A War Correspondent
A College graduate with a major in journalism. Mr. Downs worked in the United Press office in Denver following his graduation. In January, 1943, he began working for Colleague of the next system and spent parts of the next two years in Moscow. He began work in Korea in August, 1950.
ably will be around 60 billion dollars although it may be much greater.
level with appropriations.
When that time comes the out-go for all government expenses prob-
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