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About The news-review. (Roseburg, Or.) 1948-1994 | View Entire Issue (Nov. 14, 1949)
16 The News-Review, Roseburg, Ore Man., Nov. 14, 1949 Uncle Sam Appears To Be Stuck With Deficit Financing For Spell By BRUCE BIOSSAT The federal government ii expected by President Truman to pile up a $5,500,000,000 deficit in the fiscal year ending next June 30. Other forecasteri think the final figure may be closer to $7,000, 000,000. A Most Unusual Offer! (To fhe 7,000 Subscribers of the Roseburg News-Review) Whichever total prove right It will be the biggest deficit ever recorded in the United States dur ing a prosperous peacetime. Many Americans may be some what shocked to realize that ' even when times are good and when there is no war the govern ment cannot operate on anything near a pay-as-you-go basis. In January Mr. Truman pre dicted the deficit for the current fiscal year would come to just $900,000,000. The President's lat est report blames the changed outlook largely on an anticipated drop in tax revenues of $3,000,- wu.uuu. nut spending also win oe higher than planned ji.uuu.uuu, coo. Mr. Truman's budget review avi the expected decline in re venues will be an outgrowth of moderate decreases in prices, corporate profits and money In comes that accompanied the 1949 recession. ' The added expenses are ascrib ed mainly to unlooked-for in creases in veterans' benefits, government purchases of housing mortgages ana larm price sup port. It ii estimated the farm price props win now taxe $i,4uu, 000,000 this fiscal vear, compared to an original guess of only $600,- 000,000. Thus this Item accounts lor $800,000,000 or half the ex pected higher outlay by government. Economic crystal gazers who believe the President's deficit forecast too conservative note that the Bureau of Agricultural Economics sees a further drop in farm income in 1950. This prospect coupled with the new broadened price support prog ram Just enacted Is thought likely to boost the cost of supports to at least $2,000,000,000 for-the year. Furthermore, tome prophets foresee a sharper general falling off in tax revenues than the Pre sident'! experts do. They think decline in Income will be wide spread. Hence their prediction of a deficit of around $7,000,000,000. This is not a cheerful picture, but one aspect of it lightens the gloom. These are normal times of peace. This country is spending about $25,000,000,000 for foreign economic and military aid and Its own military pro grams. Without the threat of a hostile Russia much of this out lay might be unnecessary. Yet there is no help for it the money must be paid out if we are to continue our striving for a stable, peaceful world. The average American might think that in the light of these collossal burdens the Administra tion and Congress would strain every effort to save money on other fronts. But economy drives in Washington this year were a dismal failure. The new farm price bill emphasized that there is little disposition in the capital toward cutting down. The re verse seems to be true. The President says he sees no way out but higher taxes. But 1950 is an election year and few people believe Congress would vote heavier levies at such a time. Barring a surprising switch to strict economy, there apparently is no hope of getting out from under deficit financing until our foreign and military expenditures begin to taper ofi, or unless U. S. national income soars to unlm aglncd heights. Vishinsky Walks Out Of Meeting In Atomic Debate LAKE SUCCESS, Nov. 12 (iW Soviet Foreign Minister An drei Y. Vishinsky Insisted today the Soviet union has offered to open Its territory for atomic in spections. Vishinsky Jumped into the clos ing stages of a U. N. debate on atomic energy with a fiery ans wer io jonn u. nicKerson, assis tant secretary of State. Hicker son yesterday told the United Na tions special political committee that the Soviet union refused to open its territory. The Soviet delegate said Hick erson was in error. "There h no warrant," Vishin sky said, "for his stating we re fuse to open up our territory for inspection." Shortly before Vlshinskv annkp In the atomic debate, Soviet Am bassador Alexander Panyushkin took a walkout from the U. N. social committee session. Panyushkin refused to answer Yugoslav charges that Russia is moving trooos on Yueoslavla's borders and strode angirly froi ine room, leaving nis cnair sig nificantly vacant. "I consider it beneath mv Hie. nity to answer the slanders of the representative of the Tito cli que," ne said. V. M. Zonov. a Soviet delega tion adviser, listened to contin uation of the debate for a while from behind Panvushkin's pmntv chair, and then moved up to oc cupy a position at the table. Vishinsky said the Soviet pro posal of June 11, 1947, for an in ternational atomic control com mission showed that the Soviet Union is willing to open its doors to inspection and control. He said the western malnrltv really wants to run the plants in the Soviet union and that the point involved is not inspection. He said the control organ pro posed by the Russians would ho able to carry out its work n n Soviet territory. PISA'S LEAN INCREASES .... PISA, Italy-tiB The leaning tower of Pisa, already 18 1-2 feet out of plumb, has listed another three-tenths of an Inch in he last 12 years, scientific measure ments showed. The measurements were made by a special state commission for the care of the famous tower, a circular structure of marble completed In 1350. It is 179 feet high. Between 1829 and 1910, the tow er listed 12 inches. Cocklebur Flies Into Lad's Mouth, Halts Speech ATLANTA, Nov. 12. (PI "The next time," said nlne vear old James McCurry, "well" I'll Just keep rny big mouth shut." Young Jim said he was talk ing with his uncle out In a field, when the wind blew a cocklebur Into his mouth. Jim swallowed and lost his voice. A doctor found the trouble. The cocklebur had stopped In Jim's larynx, and was stuck be tween the vocal cords. The doctor got the bur out with forceps. James was able today to tell everybody about his oeratlon. TOILSOME EXISTENCE SHEFFIELD, England iP) Life for 61-year-old Robert Crab tree Is Just one round of hard work. He told a bankruptcy court he worked at night at a mine and by day selling fruits and vege tables in order to earn a living and pay his creditors. "When do you sleep?" the court asked. "I have one hour In bed In the morning," he answered, "three hours In the afternoon and all day on Sundays." HEAR Evangelist John H. Hauck at the Assembly of God Church 948 W. First St. November 6 to November 27 Nightly 7:45 P.M. 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