The coastland times. [volume] (Mnateo [i.e. Manteo], N.C.) 1947-1959, 1952-10-17
ENIoMATIcAL ECONOMICS.


AS everybody knows the national income is higher than
it ever was So are wages and prces-he two have habit
of moving pretty much unisonand so are taxes ARMIES
of people earning two three times as mucn as IN the
Yet great many Americans despite this statistical
prosperity are going deeper and deeper debt Higher
incomes have been offset and by higher outgo
That the theme of Wall Street journal news aruce
aptly headed debts, Debts, Debts"
The paper cites histories of people its reporters
interviewed cities These people represent WIDE
range of occupations and incomes Chicago steeworker
earning more than $4,000 year is worried and IN debt
the strike intensified his troubles but he had them oe1ore
it called Detroit couple earning $4,000 has cut ITS
year. $4,000 year executive has no debts OUTSIDE
of charge accounts and big mortgage but thinks ne may
have to buy fur coat for his wife the instamen
plan Francisco stenographer said she's always 500
behind that her last vacation put her $3.50 In the red
These comments the Wall Street Journal points out
square with Federal Reserve Board figures outstanding
credit When last August began the total was
Jump year. They also fit in with Bureau OF Labor
Statistics report covering the 1850 financial experience of
families in various income brackets in 81 communities Dur
ing that year the average family in this group had income
after taxes of 300 spent $47OO for $500 deficit
in the fact that savings as well as debts record
evethe Commerce Department finds that they were RS
quarter of this year That accounted for in part the
Journal says because this definition of savings of course
nes such as repayment of debts on goodsso
bigger such debts and the the repayments the
the savings Also the SO cent dollars make larger
totals
Lots of people getting along nicely and staying
debt The journal quotes NUMBER OF these gOOo
managers in modest income brackets who have more
possessions than and still making both ends meet
But they seem to be exceptions to the rule.
Here is one fly the ointment of this deprecated
ey and various developments substantlate it. For IN
lance strike made hole in automobile production
scarcity of cars which dealers thought would
bring flood of eager searchers for machines
accompanied by scarcity of buyers Save for small hand
full of makes and models has to wait for the
car Of his choice despite the drop factory output
To up, most of us have many more dollars to rat
tie around than we beforebut they don't go very
far And of substantially off, if make
honest accounting than in times when prces taxes and
incomes all much lower.
western oil company recently advertisement
which had nothing to do with selling its products
called Having Trouble With Your Family Budget? and
dealt with the terrific tax bill families in all income brack
cts must carry.
The text took the form of chart listing the
Federal and state income sales and excise social insurance
property and on-that the average family pays And
here, in part, are the findings:
If your family has 3d. 800 income you will pay $1O98
in taxes this year your income is $45OO you will pay
$1,494. income is 800 you will pay $28O1 And if
it is $4,000, you will pay $6618
To look at the facts another way than three
dollars of all kinds will be collected this year for
every dollars collected in 1919 And almost $40 in taxes
of all kinds will be collected this year for every six dollars
collected in 1945-which the peak spending year of
World War H.
All in ALL close to third of the whole national income
disappears down the Unsuitable of the taxcolectng
agencies of one unit of government or another.
This is the to those who still foolish enough
to say that most of the cost of be raised by
soaking the rch and it isn't particularly important to
the The rich have been soaked to the point of
conscaton already and if all the money they
seized by would only pay the bills for few
weeks It's the people of small and moderate who
taking the beating todayand who have the most to
gain from the elimination of governmental waste
agance, and graft
BELLY POLITICS.
Laurinburg Exchange)
Much of the campaign oratory is aimed the stomach