University Daily Kansan, June 14, 1982
Page 5
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By NEAL McCHRISTY Staff Reporter
Staff Reporter
Former Vice President Walter Mondale said Saturday that Reagan's economic policies were dividing the country.
"They're on their way to creating two Americas—One for the well-to-do and one for the rest of us," the sunburned
Walter Mondale
candidate for the 3rd District U.S.
House of Representatives seat and Jim
Slattery as a candidate for the 2nd
District includes Douglas County.
Mondale told the crowd of about 150 at the $23-a-plate reception at the Lawrence Holiday Inn Holidone.
The crowd had come to hear Mondale's endorsement of Bill Kostar as a
MONALESA SAID the Kemp-Roth bill would not help high interest rates and unemployment. The bill was passed in August 1801 and provided for tax cuts
"I take absolutely no responsibility for the Kemp-Roth bill." Monday said. "I opposed it when it was first proposed. As you know, many Republicans are shocked by it. I think, called to voodoo economics.
"Someone called it a riverboat gamble."
Mondale said he thought it was both of those things.
"It never made any sense to me how you could have the biggest deficits in the history of mankind without having real high interest rates," he said.
THE IDEA OF the bill, Monday said, was to cut taxes. Interest rates would decrease, business activity would increase, tax revenue would increase and a balanced budget would be achieved shortly.
"There is only one thing wrong—it's nuts." Mordaed said.
In a news conference earlier, Mondale had outlined what he said were the steps to curb the spread.
area—farmers are experiencing their Great Depression," Monday said.
"We now have the highest bankruptcy rate for small businesses since the Great Depression, and we have the highest unemployment rate since the Great Depression and we have the highest deficits in the history of our nation."
"Today, as a result, farmers in this country—and I come from a farm
Mondale said high interest rates were responsible for the plight of farmers
Normally, he said, interest rates ride 2 percent to 3 percent above the inflation rate, but interest rates rise below the inflation rate because credit dollars are being
The cuts in programs, Mondale said, have been mostly in those for the elderly, the poor, the unemployed and students.
absorbed by the federal government to pay the national debt.
"JUST THIS past week, they voted to sharply increase the cost to elderly Americans who are sick," he said.
"They are going to cut half a million additional young Americans off from their student assistance."
He referred to Lawrence as "one of the great educational centers of our country and the Midwest."
"Anybody who looks to the future of our nation and fails to see that, more than ever before, the educated mind is
indispensable to America . . . does not see the future clearly," Mondale said.
Mondale said that the tax cuts and accompanying program cuts had decreased high technology necessary for the defense of the United States. In addition, he said, "as you look around, you have this policy of distributing the costs and burdens on those who are least able to pay it."
"In 1981, as a result of this tax bill, Occidental Petroleum报税 $750 million in income, owed not a penny in federal income tax and got $125 million back in tax breaks as a result of the Harbor Leasing bill," Mondale said.
"Have we become a survival-of-the fittest society? Is there some kind of new social Darwinism that has seized our nation?" Mondale asked.
MONDALE SAID the public could have an effect on policy.
"For nearly 18 months, this administration refused to do anything about nuclear arms control until the public became aroused and made it clear to this administration that it demanded some sensible steps to restrain nuclear armaments, and now, at least, this administration has changed its tune and, at least, is talking about strategic arms," he said.
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