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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (May 10, 1962)
THURSDAY, MAY 10. 19B2 MEDFORD MAIL TRIBunE, MEDFORD. OREGON (-r W f i illiiil id Your Money's Worth By SYLVIA PORTER Copyright, HaN Syndicate, Inc. IT'S NOT GOOD ENOUGH It's good but not good enough. This is the story of the American economy in this mid May of 1962, the 15th month of the 1961-82 business upturn. And this central fact carries some grim implications to every one of us which are now increasingly worrying both liberal and conservative economists in and out of government a well as thoughtful businessmen, labor leaders, investors in stocks. We're on the way up and we're going to continue up. As conditions snape up now, the current mild, mlddlin advance which begin in February, 1961, will last at least through 1962. We've never been so big in economy. Our Gross Na tional Product - meaning the total of all the goods and services we turn out - already is well above the half-trillion mark. At an annual rate of $549 billion, GNP is a solid 10 pei cent higher than it was In early 1961 and it's climbing steadily. Still this is not good enough. For if wt don't grow at a faster rati thin wi havi bun growing, this is what's ahead. (1) Unemployment will not fall to the 4 per cent rate considered tolerable in our country. It will remain well above that rate, with all this implies to the millions of workers who won't be able to find Jobs, to their families, to their communities. (2) Bankruptcies, particularly among small businessmen will continue to soar. This fiercely competitive era is mur- ' der on marginal businessmen in manufacturing, wholesaling, retailing. (3) Profits will not be fat enough to finance the invest ment in modern plants and equipment which is imperative if our industries are to be able to expand their sales in the world's markets. (4) Our Federal budget again will sink billions in the red. We will pile .up a major deficit in fiscal year 1963 slated to begin this July-on top of the major deficit with which we re ending fiscal 1962. (5) With a deficit in our Federal budget at home and deficit in our financial accounts abroad, the threat to our dollar could become very real. For years, we have been spending more abroad than we've been earning abroad (the technical term is "a deficit in the U.S. balance of payments). As a result, our foreign creditors have built up enormous claims against us. If they ever decide to withdraw these bal ances on a massive scale because they distrust the stability, of our dollar, our entire economic structure would be under mined. Yes, there are some exceedingly bright spots in our econ omy. It cannot be overemphasized that we are in an upturn and it is sure to last for quite a while. Retail sales in gen eral and auto sales in particular are booming. Economists are taking heart from the sharp spurt In bulding of houses in March to an annual rate of 1,409,000 units after the Feb ruary rate had sunk to the lowest in 13 months. The new McGraw-Hill estimate for business investment in plants and equipment hikes the rise In this crucial spending to 11 per cent against earlier government estimates of an 8 per cent increase. But at the same time, Industrial production is leveling. Especially unsettling was the 3 per cent drop in new orders for durable goods in March, for this indicator is assigned significant weight as a signal of future trends. Con sumers are now spending at so liberal a pace that our spend ing can't be expected to go on gaining at this pace. The fed eral government isn't going to increase its spending in fu ture months at the rale ol increase in past months. This, thin, li thi picluri - an iconomy moving up but not at ihi spud or on thi icale niential if thi grim im plications summarized above an not to be realized. The heart of ihi problem it speeding up our growth. This is the challenge to which leaders in every sphere are turning witn mounting anxiety. This Is why in and out of the administration, among both conservatives and liberals, talk is becoming serious of real tax cuts - for individuals across-the-board and corporations across-the-board too. We well may be needing this most '.powerful of all stimulants in coming months. Spacecraft in Works To Detect Life on Mars Seattle 0IPI1 Detection of possible life on Mars may be accomplished with the devel opment of nn advanced space craft called Mariner B. to be launched In 1964, the second National Conference on the Peaceful Uses of Space has been told. Edgar M. Cortright, deputy director of the National Aero nautics and Space Adminis tration's Office of Space Sci ences, said the new craft would be powered with an Atlas-Centaur rocket and would be designed for flight to Mars. A landing capsule would be guided toward the planet by the basic spacecraft which will then fly by the planet, he explained. While the cap sule enters the atmosphere and lands, the spacecraft will perform scanning- expert menls. Another spacecraft, known as Mariner R, is being de signed to land on Venus. May Be First Proof "With the capsule on the surface of Mars may well come the first proof of extra terrestrial life," he said. Cortright was one of seven space scientists reading pa pers at tile conference. He was preceded to the stage in the Opera House of the Seattle World's Fair grounds by Dr. Homer E. Newell, director of the Office of Space Sciences, who de scribed an orbiting astronomi cal observatory under devel opment by the Grumman Aircraft Engineering Corp, Bcthpagc, N.Y. He said the OAO would be the largest of the scientific satellite observatories about 10 feel In length and weigh ing about 'i tons and would be guided'so accurate ly it could approach 0.1 sec ond of arc. "This is about equivalent to the accuracy required to use a telescope located In Balti more to pick out either the right or left eye of an indlvi 4-H NEWS Crazy Stitchers The Eight Crazy Stitchers 4-11 club meeting was held re cently in Mrs. Goodwin's home. The meeting was called to order by Sharon Hugdahl, secretary. The minutes were read and approved and roll call was given. Eight were present and three were ab sent. There was one guest, Mrs. Goodwin. In our discussion, w e brought up the 4-11 summer school and camp. Katliy Vandngrill, Reporter. Steel To Become Issue in Campaign Chicago -illPli- Sen. Barry Goldwater (R-Ariz.) has vow ed to make the steel price dispute a leading campaign issue in this year's congres sional elections. "While 1 am not up (or re election mywlf. I will cam paign vigorously on the Issue o( whether President Ken nedy may dictate to 'Ameri can business ." Goldwater told a news conference. He said the President "has nothing to say about what prices U.S. Steel can charge." "1( he wants that power, I suggest he get the Constitu tion amended," Goldwater said. "I don't like the President of the United Stales calling U.S. Steel Co. officials of and 1 don't think the Presi dent's father would like it," lie said. Elephant Purchase Fund Hits $28,474 Portland - (WH - The (und to buy elephants Belle and Packy (or the Portland 200 has reached $28,474, Just $1. 52fi short of the needed $H0, 0110. Members of the committer said Hi.' hope the goal will be rcac,sil by the end of the week. The I01me.it annual migra tion of any bird is the 22,(1(10 dual in Washington. D. C, foimlles some iuctivtdurl Arctic detailed study as to Its color terns fly fronPthe ArUic to TO ' MOTHER WITH LOVE' ATmW IT'S A WON&IMUt ITOM V 1 y SUPS into spring Fresh- from Van Raalte's spring palette . . . four ex quisitely detailed slips, stippled with nylon laces and leaves, lovelied with fashion accents. 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