The gamecock. (Columbia, S.C.) 1908-2006, September 27, 1976, Page Page 7, Image 7
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