Masonry Magazine March 1967 Page. 36
Washington Wire
(Continued from page 18)
The budget deficit implies that the government will be spending a lot more than it gets in taxes. So, it will have to borrow, measuring printing press money, and too many dollars chasing the supply of goods. What bothers the inflation-worriers most, however, is the possibility that Congress won't pass the 6% tax surcharge. That can make the deficit even bigger and more stimulative.
There are dissenters from this outlook. They are more pessimistic. Either they are becoming more vocal, or their numbers are growing rapidly. To a considerable extent, they think that last year's tight money already makes a longer shake-out sure. Consumers and businessmen are retrenching. We may not see a true recession but things will drag all through the year.
Congress still isn't sold on the tax hike, not yet, at any rate. Members are fearful about the current business easing. They want to wait until the trend in the economy clarifies before making any final decisions. And it will be another two months, at the least, before the picture firms. The lawmakers will vote for increases if things don't get too much worse. But they will balk if lay-offs continue to mount during the months ahead.
Some in Congress want to saddle business with most of the tax load. For one thing, some Democrats are angry because certain corporations now setting records in profits have been raising prices, companies in petroleum and some metals producers, for example. A more important reason: Members of Congress just don't like to raise the voters' tax rates.
The President will fight any efforts to put a greater load on the business community. He doesn't want to upset all those businessmen who have given him and many of his programs so much support. In the end, the President is likely to prevail. Any bill finally voted will hit individuals, too.
The shift to easier money has been slowed in part, because of worry about planting too many seeds of inflation that may then sprout in the fall. The credit-controllers have achieved quite a lot in the past three months. They brought interest rates down and have engineered the channeling of cash back to banks and savings institutions. Loans are becoming available again.
Officials now want to move more slowly, to make sure that they don't overdo. They don't want to lower rates so far that money starts flowing abroad again and American gold follows. So further easing will be more modest. Interest rates may decline.
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MASONRY March, 1967