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Ravenel cites Vietn Johnsor By EDITH McNEILL Gamecock Staff Writer The inflation we are now experiencing was caused ten years ago by the late Lyndon B. Johnson, according to Charles D. "Pug" Ravenel. Ravenel, deprived of a 1974 bid fnr tho :? " .w uv/uui v^uruiiim governorship, spoke Wednesday to a sparse crowd at the College of Business Administration. An "amateur economist," Ravenel left Wall Street in 1966 to work in the Treasury Department during the Johnson administration. The administration's primary objective said Ravenel, was the advancement of United States domestic policy and the promotion of legislation toward that goal. Simultaneously, however, Ravenel said the administration also had to grapple with the high costs of the Vietnam War. This was a case of "guns and butter." LBJ wanted to create a "great society" but the cost of supporting Johnson's "war on poverty" Ipdiclalinn moc ?i- 1 - .^Q.^.UVIUU vvuo uu^uaaiuie wime fighting a war, Ravenel said. JOHNSON UNDERSTOOD the dilemma and viewed the situation with "great clarity". Being, Ravenel added, obsessed with the dream of becoming one of the nation's greatest presidents, Johnson refused to acknowledge the problem. The war was taking its economic toll and the costs of the war were mounting. In March of 1965 the Quadrad, an economic counsel, advised Johnson that the i I />f/' ' /#y .? ,/./ * / ' y | > CUSTOM DESIGNED G< ij LAPIDARY AND JE |? ROCKSA J> Handmade Jewelry by St i1 Open Daily 10 - 7 11 Closed Sunday 772 **"TTTTTTr5%5'rjo!aiy?d frxfrmor* c4 K?h? Syt??nnt. Inc C19*VK*h? STOP in YMJRDC - i AVAILABLE in ONLY AT: EAR Een's I 2020 DEVINE S Columbia, S.C. ' \am i blamed for tax rate should be raised. Since congress was made up of the largest Democratic majority in it's history, Johnson's "1965 policies were taking hold and 1966 was the year to make himself good," Ravenel said. Congress, however, was discussing raising the tax rate much to Johnson's disatisfaction and "the war costs were mushrooming," Ravenel added. When McNamara (secretary of defense) was asked what the projected war costs would be, he replied, "we've only projected through the next month." KNOWING THAT the Congress was to meet in the snrine to Hisnncc new legislation, including raising the tax rate, Johnson decided to hide the actual war costs from the American people as well as the Congress and his economic advisors, Ravenel said. But Congress did not meet that spring, and a new congress was elected. Nine months later or sixteen days after the new congress had been elected, LB J disclosed the actual costs of the war. The costs had risen 100 per cent. Ten years later Johnson's decisions are still with us, Ravenel said, in the form of inflation. Following the speech? sponsored by Delta Sigma Phi professional business fraternity? Ravenel answered questions concluding many on the platforms I of the presidential candidates. RAVENEL said he does not (> i '/ - .tfr'f ../ . / / '#./'///// >LD AND SILVER WORK < WELERS SUPPLIES I ND GEMS eve Jarrett & Mary Hart < | 1722 Broad River ' 1. ] > 7925 Columbia, S.C. 29* ,0 jj Syilamal m SEATING tGSUKE ttyas!*'&uec'e 4 leather South Carolina I TH SHOE Sasy Walklngs Inc. | !T. (Five Points! I 799-3803 S inflation support all of Jimmy Carter's stands even though he is backing the Democratic candidate in the coming election. Ravenel said he disagrees with Carter's platform on unemployment. Carter was described by Ravenel as a "fiscal conservative and a social aggressive." Later Ravenel began quoting statistic after statistic about South Carolina's education, unemployment and tax reform. When asked if he was planning to run for office in 1978, Ravenel said, "I would like to run for governor in iy78 because there is a lot of unfinished work there." He added "there will be an empty senate seat against Thurmona in 1978. That would be a challenge." Orien Needed f o If interested, pit WE NOV SUIT DEPA] FASHION I BREASTE] to $95. and I from $65. f denim, con brushed cc now hay IBBy 1221 W '*T Charles D. 4P11 Ltation Assist r Spring Ori ;ase call: Office of BjTjTOC 1621 t HAVE A VJ KTMENT, IN )OUBLE AN] D SUITS - pri? FASHION 31 ;o $115. Cho< louroy,gaber ?tton, Come se e FASHION i WTTTTYTTT^ TYTV'fT t'TT LX\V I IAIN ST. (DOWNTOWN) mKBm ?Hfl| ig'Ravenel tants entation Campus Relations College Street 777-5116 kSHION CLUDING l> SINGLE ced $55. 1 >iece suits >se from dine, or I W ?T HUTS kmtmmm nriTmrr^n^ kMvMwn