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UNIVERSITY DAILY KANSAN
Friday, February 16, 1968
Fowler sees U.S. in economy crisis
WASHINGTON—(UPI)—Treasury Secretary Henry H. Fowler said Thursday the nation is flirting with "boom or bust" times—both inflation and "the real risk of recession"—because Congress has refused to increase taxes.
Testifying before the House-Senate economic committee, Fowler portrayed the current American economy as one in which the trends were dangerous—and could be checked chiefly by the 10 per cent income tax increase President Johnson requested more than a year ago.
The treasury chief encountered an old familiar answer from both Democrats and Republicans in his audience: The President should first cut spending.
Do both, replied Fowler.
"Let's go ahead with the tax increase and reduce the deficit by $13 billion," he said.
In his annual report to the joint committee, Fowler made these points about the economy's current status and the trends he said would accelerate without the tax increase of about $13 billion a year:
- Inflation. "The economy is in grave danger of excessive overheating," he said. The alternatives it must choose from, he said, were "restraint or the risk of spirally inflation."
- Deficit. The $13 billion federal deficit that would result if taxes are not increased will add inflationary pressures, he said.
- Tight money. "An excessively large budget deficit with a corresponding need for continuing heavy federal borrowing would tip the odds toward a return to tight money conditions," he said. "Interest rates are already at extremely high levels..."
Dollar drain continues
WASHINGTON—(UPP) —America's balance of payments deficit—the gap between dollars entering and leaving the country—rose to $3.6 billion last year and half of the dollar drain occurred during the last three months of the year, the Commerce Department said Thursday.
The deficit was $2.2 billion larger than it was in 1966 or 1965.
The department said the last quarter of 1967 accounted for $1.8 billion in the deficit alone and blamed a sizeable increase in imports and instability on British devaluation of the pound in December.
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Balance of payments deficit. He cited figures released Thursday which showed the U.S. balance of payments deficit totaled $3.6 billion last year—$2.2 billion greater than in 1966.
- The dollar's stature. "Action on the tax increase has become a critical and symbolic test, in European eyes, of our ability to control domestic inflation pressures," he said.
Saturday declared Big Blue Night
Standing from left to right are: Pat Samuels, Webster Grove, Mo.; Cheryl Parmely, LeRoy; Jennifer Speer, Wichita, president; Sara Bly, Arkansas City, and Margo Crist, MacDonald.
KU fans may create an ocean of blue in Allen Fieldhouse Saturday night when the Jayhawks meet the Nebraska Cornhuskers.
To increase enthusiasm and support for the team. Saturday has been declared Big Blue Night, similar to the "Big Blue" Day during football season.
Gov. Robert B.Docking signed a proclamation designating Feb.16 Mortar Board Day in Kansas, during a visit by the KU Chapter of the senior women's honorary Thursday—the 50th anniversary of the organization.
sible to offset the red Nebraska cheering section.
Pep groups urge basketball fans to wear Big Blue badges and as much blue clothing as pos-
The medal, awarded annually since 1831, is recognized as one of the most prestigious in geology and geophysics, with 17 countries represented by its recipients. Previous recipients include Louis Assigazz, Charles Darwin, Sir Charles Lyell and Thomas H. Huxley.
The "Treatise" mentioned in the citation is expected to reach 30 volumes and contain virtually all that is known about invertebrate fossils. Work began in 1948 with initial plans for 24 volumes. It is being published jointly by KU and the University Press of Kansas. The National Science Foundation has granted more than $300,000 to the work.
The foremost reason for Big Blue Night, according to Jennifer Nilsson, Chicago Heights, Ill., senior and president of Jay Janes, is to uplift team support and enthusiasm. Jay Janes will sell Big Blue badges at student-entrance doors and beside bleachers before the game.
ball season, the blue section didn't show up well in the stands, Miss Nilsson said. For Saturday's game the band will wear blue blazers. That plus the pom-pon girls' blue outfits, the blue blazers of the yell leaders and the Jay Janes, and the blue clothing of the fans should create the desired effect.
At Big Blue Day during foot-
The pom-pon girls and yell leaders tried this week to obtain student support from student living groups.
Dr. Moore gets honor
Dr. Moore came to KU in 1916 and was the first KU faculty member appointed to a Summerfield professorship.
Dr. Raymond C. Moore, Summerfield professor emeritus of geology at the University of Kansas and former state geologist and director of the Geological Survey of Kansas, has been named the 12th American to receive the prized Wollaston Medal, highest distinction of the Geological Society of London.
Dr. Moore will receive the award at the Society's annual meeting in London April 24 "for distinguished service to stratigraphy and paleontology, especially in editorship of the "Treatise on Invertebrate Paleontology."
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