University of South Carolina Libraries
.1 14 —— »■» or False W? B, THUEMAN sensino Vice Prestdent StaUe Industrial Council About 100 years ago, when our original states were still colonies of Great BrJ^in, Professor .Al exander Fraser Tytler gave a lecture at the University of Edin burgh in which he made the fol lowing statement: “A Democracy cannot exist as a permanent form of govern ment. It can only exist until the voters discover they can vote themselves largess (we call it re lief, subsidies and doles) out of the public treasury. From that moment on the majority always votes for the candidate promis ing the most benefits from the public treasury with the result that Democracy always collaps es over a loose fiscal policy, al ways to be followed by a Dicta torship.” (Dictatorship now adays can mean one-man rule, Socialism or Communism). Professor Tytler was talking about the fall of the Athenian Re public—but the principle is just as true now as it was then. Will this happen in our case? A very significant sentence ap peared as a subheading to a headline of an article in one of our national magazins recently: “Prosperity is living on borrow ed money and borrowed time.” Such a statement is contrary to most of the current opinion popular in the country today. One of the main planks in the platform of the Johnson admin istration as it ran for reelection was the Prosperity Plank. Most all economists, most all flnann*! advisers, most all bankers, most all businessmen will tell you that we are now having the greatest prosperity in our history. Upper income voters switched over to the Democrats in droves on this very point, wainting to do noth ing to disturb this prosperity. This question far transcends partisan politics. If we are hav ing false prosperity, if we are having only an illusion of pros perity. it is a question that se riously affects every man. wom an and child in the country, re gardless of poliUcal affiliation or station in life. Prosperity “living on borrow ed money,” that is, inflation built on continued deficit financing and continually increasing debt, can only result in steady erosion of the value of the dollar or even inflation—and inflation, it might be pointed out, has resulted in more human misery and suffer ing in this world than anything short of war, famine and pesti lence. So let's consider for a moment the situation as it is with us. During 28 of the past 34 years, our government has had a deficit in the federal budget, has spent more than it has received. The current fiscal year, beginning last July 1st, will make it 29 of the past 35 years that we have had a deficit in our natinnai budget, shall live beyond our means. No one is willing to pre dict when we shall ever have a balanced budget. Our budget deficit for the last tiscal year, ending June 30, was $8.3 bilion. Spending last year was $5.1 billion more than for the previous year. The budget deficits for each of the last four years, which the administration brags about as the most prosper ous in our history, total $24.8 billion — the highest four-year peace-time deficit in our history. We operated under a federal budget last year of $97.7 billion- second only to the peak fiscal ' year budget of World War II. Bils already passed by the 88th Con gress will increase spending thi« year about $5 billion. During the last 34 years, our national debt has incresaed from $16 billion to $313 billion. The in crease in the national debt since the end of World War II has amounted to $44.2 billion. If our so-called prosperity is “living on borrowed money”— and all indications are that it is —then let’s not forget from whom it is borrowed—our chil dren. Now, I submit that it wouldn’t have been so bad to have spent $97.7 billion last year if we had had it. It wouldn’t have been so bad to have been wasteful, and extravagant with our own money—but to spend $97.7 billion in a year like last year, when we only had $89.4 bil lion, to be wasteful and extrava gant with our children’s money —which is exactly what we are doing when we undergo deficit financing—is a deed of unforgiv able irresponsibility. The dollar is now worth only 43c as compered with the dollar of 25 years ago—and this erosion steadily continues. This is the road to ruin. It is therefore a serious ques tion as to whether we are having real porsperity or an illusion- ment of prosperity. YOU DON’T GET THE NEWS IF YOU DON’T WKAn THE CHKONICfJE cSSs THE CLINTON CHRONICLE .H' Clinton, a. G. Thursday, November 12, 1964 LEAN BONELESS LR BEEF STEW 59c FRESH MAID PIMENTO CHEESE DREHER’S PURE PORK • ' o 8-OZ. CUP 29c LB. CUP SAUSAGE 59c Priecs Good Thronfh November 14,1914 mMmm VALUABLE COUPON tOO EXTRA TOP VALUE STAMPS With the 1 $16.19 or Oaeftta Void After Nav. It, 1964 Freddy Made Ground Beef lb. pkg. Swift's Premium ■ HEAVY WESTERN CHUCI Blade Cut Boneless SHOULDER 69c »■ ; i 1 ::' i: : «73M NO COUPONS REQUIRED Leek For Tbene Stkkere On Stamp*—M’s Excedrin Stamps—27-Os. GIs Cant Wax Stamps—Quart Kraft Stamps—4-Roll Pkg. I Stamps—25 Lba. 8. D. Stamps—4-Os. Instant i Stamps—29-Os. Pkg. P Community Cadi Store Coupons VoM After Noranber 18, 1864 SWIFTS TOPPY SLICED Lb. Pkg. FROZEN FOODS SNOW CROP 6-02. CANS ORANGE JUICE 4 for 99c RHODES PKG. BREAD DOUGH . 29c OLD FASHIONED APPLE or CHERRY FRIED PIES 3 for $1.00 MORTON’S 1MO. SIZE T. V. DINNERS 39c LIBBY’S ie-02. PKG. BROCCOU SPEARS .... 2 for 49c LIBBY’S 19-02. PEGS. CREAM CORN 2 for 39c CELLO WRAPPED LB. PERCH FILLETS 29c APPLE PIE RIDGE ses CAN APPLE SAUCE SUNNY DIP—ALL FLAVORS ICE MILK .. Vt GAL. 39c DIXIE BELLE LH BOX SALTINES CAMPBELL’S Choice of I With $5.00 am SUNNY DAY SANA PEANUT BUTTER 12-OZ. JAR 29c TOWN HALL FRUIT CAKES 3h. sin 2.79 Tomato Soup Choice of 1 With $5.00 or More Onto’ GIANT BOX SUNNY DAY t DETERGENT Giant Box 49c RED BAND FLOUR 5 a fa, 49c SUNNY DAY NOTEBOOK ' SCO SHEETS PAPER . . . : 47c SWIFT’S 12-OZ. CAN LUNCH PREM . . 39c KRAFT MACARONI AND CHEESE 7K-OZ. PKGS. DINNER 2ln33c SUNNY DAY ft’e ITS FRUIT CAKE TIME! RED CHERRIES, lb. pkg. $109 CHERRIES. 8-os. pkg. 59c PINEAPPLE, 8-os. pkg. 1— 59c LEMON PEELS, 4-os. pkg. 23c ORANGE PEELS. 4-os. pkg. 23c MIXED FRUIT, 16-ox. pkg. —..— 65c dlRON. 4-ox. pkg. 23c GINGER. 4os. pkg. 37c Kraft French Dressing, 16-Ox 47c Sunshine Saltines, 16-Ox. 31c Pilbbury Biscuits 4 for 39c Ballard Biscuits 4 for 39c Stokeley’s Finest Foods: Green Beans, 303 21c Green Beans, 2% Can 31c ShdUe Banna, 303 21c SheOie Banns, 2Yi 31c Small Lima Beans, 303 27c Sliced Beets, 8-Ox. 12c Sliced Beets, 303 17c Tiny Whole Beets, 8-Ox. 17c Cream Style Con, 303 21c Golden Snccetiih, 303 21c Golden Succotash, 8-Ox. 15c Picnic Spinach, 10-Ox. 15c Party Peas, 303 31c Shredded Kraut, 2ft 23c KOTEX SANITARY—REGULAR OR SUPER BOX OF 12 NAPKINS.. 37c SACRAMENTO TOMATO 10-OZ. CANS .1 Trellis Whole Kernel ?! 12-Ox. Cans Nabisco Checolato 12-Qs.Pkg. 1 CORN .. 4 for 49c PINWHEELS .. 39c | PERMANENT TYPE PRESTONE GALLON CAN , M.59 SNOWDRIFT Choice of 1 With $5.00 or More Order JUICE 12 "’LOO HUNTS TOMATO 24-OZ. BOTTLE CATSUP 2»35c SUNNY DAY 49c CAMEO Chocolate Covered CHERRIES 18M-OZ. BOX 39c GALVANIZED Garbage Cans WUb Cover ZS-GaUm Sbt $219 TEFLON FRYING PAN •-INCH SIZE $3.49 SUP JOINT PLIERS PAIR 59c JUICY FLORIDA OrangesS h.ba| fc FANCY YELLOW S LBS. || HKD JONATHAN 4-La BAG ONIONS 25c APPLES lAaAAAAAS A RiRiAriMkSMWWk SHOP EARLY WITH TOP VALUE STAMPS FOR WONDERFUL Christmas (HfH