Evening star., 1949-02-14
Wallace Offers Vision
OF Abundance With
0n|y54.Bi||ionBudget

; A s54,OO0,OOo, 900 budget for
abundance, built on the vision of
Henry Wallace" was proposed by
the Progressive Party leader here
this afternoon.
=. Unabashed by his crushing de-
feat in the November elections,
MI. Wallace met the press at the
Willard Hotel to explain, If he
were President. he would cut de-
fense spending in half in 1850,
while more than doubling Mr..
Truman'S allotments for social
welfare and better living"
To tell the whole story of his
'.vision," Mr.. Wallace used a
raulticolored chart, 6 feet wide
and 8 feet long-flled with
graphs. houses, hospital beds,
bombs. cornucopias and neatly di-
vided pies. 1t all added up, he
SAID, to "a practical first step in
a long-term investment in Amer
lea that will vastly increase our
productive capacity, raise the real
income and standard of living of
every American-and double our
national income within 10 years. F"
Says Truman Plan Means Trouble.
President Truman has asked
Congress to appropriate about
$1,000, 1000, 900 for 1850 and has
called for enough extra taxes to
effect q substantial reduction In
the national debt. Mr.. Wallace
said, however. that Mr.. Truman s
budget, with hidden" items in
eluded, would come to about s49,-
oo0.000,000.
He said the Truman budget
means more cold war for the
world and increasing hardship
and insecurity for the American
people" 1A
The Progressive Party chieftain,
who also was indorsed by the
Communists in the last elections,
proposed to finance his blueprint
of a way of life" in this fashion:
/. Cut excise taxes and low
bracket income and payroll taxes
about $7,500.000,OO0.
2. Double corporate taxes to
$24. 100000 and triple estate
and gift taxes to two billion.
Mr.. Wallace would provide no
excess for debt reduction. Instead
he would make up $2.000,000,000
fiscal deficit by dipping into the
reserves of trust funds set aside
for various types of social security.
Sneers at Fair DeeP' Program.
President Truman's Fair Deal"
proposal, which would result in a
$12,000,000,000 expenditure for
public welfare. drew sneers from
Mr.. Wallace. He said the Truman
program represents an increase of
less than $500, 100000 over 1949
welfare outlay, while he is think
ing in terms of an increase of
more than s15,0Oo.000,000.
Under his scheme Mr.. Wallace
would spend almost three times
as much as Mr.. Truman for social
security. health. general welfare
and hospitals-S16,o 600, 100000. He
would spend twice as much as the
President next year for housing
100000. .000-starting a "giant"
drive to build 100000 homes a
year for the next eight years. He
also would spend about $780,
100000 more than Mr.. Truman in
developing the country's natural
and agricultural resources.
In the foreign field. Mr.. Wallace
would allot about $1,000, 600, 900 to
military defense-just about half
the amount the President thinks
is necessary. He would spend
about the same amount as Mr.
Truman - 5000, 100000 - for
foreign aid Of various sorts. But
he would spend it through
World Development and Recon-
struction Fund, controlled by the
United Nations.
"Way to Peace Is Open"
Mr.. Wallace, in his prepared
statement, asserted that Premier
Stain of Russia had offered to
talk peace with the United States
three times in the last two years
and he scored President Iruman's
failure to take up the Offers
THE way to peace is open," Mr..
Wallace said.
The third party leader also saw
President Truman as trying to
prevent depression in this country
though more spending on arms"
Mr.. Wallace said he proposed to
prevent depression by planning
for abundance.
AS Mr.. Wallace disclosed his
views, the party's national COM
mittee issued policy statements
protesting the projected North
Atlantic military pact as being
"aimed at Russia"
The committee also accused the
Truman Administration of re
treat and surrender" on repeal Of
the Taft-Hartley Act. 1t charged
the administration with an anti
labor conspiracy" and an attempt
to shift blame from the White
House to Congress for abandoning
genuine" repeal of the Taft
Hartley law.
The committees statement on
labor legislation urged enactment
Of q bill introduced by Repre-
sentative Marcantonio, Ameri-
can Labor. of New York, to repeal
the Taft-Hartley Act and restore
the Wagner Act in its original
form. It criticized AFL and CIC
leaders for having completely
refrained from exposing and at
tacking the administrations STRAIT
egy of retreat and surrender"
81 Million Enrolment