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- 13 -
I have been speaking about the role of businessmen, workers,
and farmers in mintaining our present prosperity. The Government
also has responsibilities. It is an axiom of good economics and good
business that, in times of great inflationary pressures, taxes should
not be reduced. Any surplus which the Treasury can secure should be
applied to reduction of the Federal debt. Reduction of the debt
reduces the annual interest obligation of the Government and also
tends to check inflationary forces. When we are over the hump of
inflation, tax reduction will be feasible and proper. It should then
be extended first to those who need relief most.
Additional weaponsx which the Government possesses in its
fight against inflationg are rent control, export controls and
credit control.
Rent control is vitally necessary until construction costs
are lower and the present aeute housing shortage has eased.
Export controls must be mintained to avoid price increases
arising from uncontrolled foreign purchases in this country.
Credit control cannot be relaxed so long as prices are so
high that many consumers must go into debt to make both ends meet.
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"ocrText": "- 13 -\nI have been speaking about the role of businessmen, workers,\nand farmers in mintaining our present prosperity. The Government\nalso has responsibilities. It is an axiom of good economics and good\nbusiness that, in times of great inflationary pressures, taxes should\nnot be reduced. Any surplus which the Treasury can secure should be\napplied to reduction of the Federal debt. Reduction of the debt\nreduces the annual interest obligation of the Government and also\ntends to check inflationary forces. When we are over the hump of\ninflation, tax reduction will be feasible and proper. It should then\nbe extended first to those who need relief most.\nAdditional weaponsx which the Government possesses in its\nfight against inflationg are rent control, export controls and\ncredit control.\nRent control is vitally necessary until construction costs\nare lower and the present aeute housing shortage has eased.\nExport controls must be mintained to avoid price increases\narising from uncontrolled foreign purchases in this country.\nCredit control cannot be relaxed so long as prices are so\nhigh that many consumers must go into debt to make both ends meet."
}