Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-01-04
YOUR
MONEYS WORTH
Year of the BoiI-Out
BY SYLVIA PORTER

This will be the year of mu-billion dollar bail-out
and the ballooning budget
Well be baing Britain and West Europe out of the
economic crisis brought by the suez explosion
The cost of this bal-out can't be calculated this
time, and neither date be set when Operation
Rescue" can be safely ended
Well be helping to finance and build projects desperately
wanted and needed by nations ASIA Africa other
which the United States and Russia open power
conflict
Some of the bueprnts being drawn behind doors
in Washington Observation-Disclosures billions to improve
the Suez Canal to build EgyptsA Dam after ALL
industraze India to rrigate the Jordan Valley to aid
Morocco Algeria, Saudi Arabia, etc, etc.
Well be sending money and quite possibly basic food
stuffs to nations in East Europe too.
Well be spending impressive amounts to help refugees
not only from Hungary and Austria but all
behind the Iron Curtain.
And We'll be raising defense budget to levels
that the budgeaker would condemned as nonsense"
only 80 days ago
the defense budget of at least So billion
from this year to total just under $40 billion being
"leaked" by informed There question that
President Eisenhower will hand the biggest military spend
ing bill OF his administration to date when he releases the
first budget of his term
Since World War II-ony little than decade
ago-we have spent than $50 billion economic and
military aid to other nations
The aid will and will rise in the year ahead Some
of the rise will show directly in the budgeand the first
figures President Eisenhower submits won't be the
by means It'll be months before the full of the
foreign aid budget can be gagged.
lot of the aid will be "hidden"-m the funds
will flow to other nations the World Bank the Inter-
national Monetary Fund the Export-Import Bank,
But whether it's open hidden, most of the aid will
come from your pocketbook and mine.
Wealthy we are, not country go in for
spending of this magnitude without feeling chain reaction
For instance this virtually bars cuts for indefinite
period The present individual income rates will stay;
the So per cent maximum corporation which
slated to down April will be continued scheduled reduc
tons in excise taxes also will be Cancelled Tax cutting bills
will be introduced into Congress- of course but the odds
they'll get nowhere. And in fact Congressman
saying privately that We'll be lucky" If aren't
liked!
places any budget balance in decidedly precarious
position Even slight downturn in business profits in the
months ahead-wch would reduce the corporations
pay-would wipe out budget surplus push the Treasury
back into the red.
1t aShes the chances of reduction in the national debt
Just the interest national debt costing 81
billion year. This burden will tougher before gets
easier.
1t ntenSifes the already pressure such basic
metals steel plate steel scrap. All the world will be
crambng for nonfrrous metals construct the oil ankers
dams, other major projects.
The economic of Suez will be staggering to us
well as to our allies in Europe.
don't know how much of this will be said plainly by
President Eisenhower in his coming messages but what he'll
be saying words can be summarized
in four:
Bail-out, billions. ballooning budget.
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