Americans must not be fooled into accepting government as the employer of last resort. Nor should we sit idly by while 2.5 million American jobs are threatened by imports of textile products. We encourage the renewal of the GATT Multifiber Arrangement and the signing of other necessary bilateral agreements to protect our domestic textile industry. In the long fun, inflation discourages thrift, encourages debt and destroys the incentive to save which is the mainspring of capital formation. Obviously, when production falls, the number of jobs declines.
All government can do is confiscate and redistribute wealth.