Taxes still rising pass $563 billion
NEW YORK—(UPI)—The New Frontier, war and the Great Society have cost taxpayers a bit more than $563 billion so far but in the classic slang of the late Al Jolson: You ain't seen nothing yet!
The cost rises steeply year by year. The Kennedy-Johnson 1961-66 taxing, spending and deficit score card is an eye-popper:
- Expenditure: $563 billion
- Deficit: $30.4 billion
IN FISCAL 1966, which ended last June 30. President Johnson collected $104.6 billion and spent $106.9 billion for a deficit of approximately $2.2 billion.
His original budget for the current fiscal year estimated a deficit of $1.8 billion. More is to come, however, because war costs are nearly $2.5 billion a month and will require enormous supplemental appropriations for this year.
PRESIDENT JOHNSON and Congress equally refuse to accept responsibility for fiscal policies which continue to boost the cost of living. Both play a political game of pass the buck at the expense of the national welfare.
The United States can be no stronger than the strength of our economy and the strength of our economy can be measured best by the strength of the U.S. dollar.
THE DEMOCRATIC party is in power and bears the largest share of responsibility for national defense at home and abroad. However, the Republican record is not much better, if any.
There is some bipartisan support in either House for responsible federal spending policies but no majority for fiscal sanity.
The Republican coordinating committee of the party's best brains made a big thing last week of federal spending and the high cost of living. In the same week, 13 Senate Republicans joined 41 Democrats to authorize a two-year program of $6.4 billion in federal aid to elementary and secondary schools, a sum greatly in excess of Johnson's request. The eight Republicans and eight Democrats who voted against this excessive authorization are about the measure of fiscal integrity in the U.S. Senate.
Daily Kansan Tuesday, October 11, 1966
5
THE UNITED States has been on a dizzy, deficit spending binge since Franklin D. Roosevelt succeeded Herbert Hoover in 1933. The dollar's purchasing power has declined steadily under the something-for-nothing magic whereby politicians have beamed voters for 30 years or more.
The Great Society Labor Department reported that since 1957-59, the purchasing power of the dollar had shrunk by 12.1 percent as of last August. The dollar is shrinking now at an annual rate of four per cent.
MODEL-M-4610
WASHINGTON—(UPI)—The Senate Monday approved a three-year, $6.4 billion college aid bill after sidetracking a rider to give "home rule" to the nation's capital.
The measure was the second major education bill passed within a week in the Senate which approved a $6.4 billion aid to elementary and secondary schools last Thursday.
$219.00
The "home rule" provision was sidetracked for this session of Congress when its backers found Southern opposition to it threatening a filibuster that would postpone adjournment.
Politicians who bellow and bleed for the common man might give some thought to the millions of common men and women whose incomes are being overtaken by the high cost of living.
Congress approves college bill
KIEF'S RECORD & STEREO
The college bill—most of which will go to classroom, library and laboratory projects—now goes to a conference committee
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SAN FRANCISCO - (UPI) The San Francisco Symphony Orchestra presents over 100 performances each season, including numerous concerts in surrounding cities and towns.
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