Indianapolis Times, Indianapolis, Marion County, 25 July 1940 — Page 34

FRIDAY, JULY 26, 1940

OWN ECONOMIST DISAGREES WITH

Mordecai Ezekiel Insists That Borrowing Is Best in Defense Plan.

By MARSHALL M'NEIL Times Special Writer Ww ASHINGTON, July 26 President

The

has recommended hea

taxes ta help pav our

preparednes expenses, Congress and the Treas ury ere drafting a nen raise anather $600.000.000. Bit fhe “horrowers” RY fix. tinguished from the ‘“‘taxers’—_are Stl strong in this Administration One New Deal ereonomist has just announced that he sees little danger in borrowing ta buy tanks, guns and and that the more the Government relies on taxation that alls on consumers, the more we will be creating our defense at the expense of commodities that ought to be bought and consumed. The economist is Mordecai Ezekiel, long part of the brain trust at the Agriculture Department. His article appears in the current “Agricultural Situation,” a departmental monthly. It is intended to answer the question: Ts price infintion inevitable? Dr Ezekiel thinks it is not

tax hill to

airplanes:

Held Tmprobable

Price inflation ye of the eurses

of the World War, is not only not Dr. even

time ahead.”

inevitable. in the Erekiel, probable for a long “The development of our new fiefense program,” Dr. Ezekiel writes. “is being accompanied by consideration of proposals for covering & considerable share of the new expenditures by sharply increased taxation, and for reducing expenditures on regular Ge activities, “This,” he points out law closely in the belligerent He does not his course s also being advocated in Congress, where adequate additional taxation n pay for new armament, as part yutting Federal ances in good order, is cited as a rst. line of national The facts interest with

opinion of

but *“hardlv seems

vernment

“would folthe policies now in use countries

Sav s0, but

of & program of Sy f defense presented are also of reference to these Ezekiel continthat we

MOgram

fiscal questions,” ™ Lah “These Seeest eonuld finance on defense hn borrowing [on a considerable period ahead with little danger of nflation Cites Unused Resources

We have great unused productive resources and millions of unemplaved workers. I{ we should finance he defense program by borrowing lis would increase production and t correspondingly. If we taxation

this would

nee it wholly by economy elsewhere ction from civilian munitions employment or

and

5 statement seemed & little too ] to Dr. Ezekiel. so fool -

univocal even he qualifies it note. Saving quite so simple & He footnotes further “Tf it were taxes that without in-

possible to Increa 211 an hoarded creasme those reduce consumption, this w help finance he defense program without checks ing the emplavment or production

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