Newspapers / The Chowan Herald (Edenton, … / May 28, 1964, edition 1 / Page 14
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PAGE TWO i—SECTION THREE Nation’s Debt Nears Trittion Dollars; Size And &owfh Raisnig Questioiis The total of debt in the Amer ican economy, public and pri vate has grown by an average of s4l billions a year since the beginning of the Fif ties and is rapidly approaching the trillion dollar mark. This annual average increase Is more than a third again as great as that for the decade of the Forties, when aggregate debt expanded by an average of S3O billions a year. Beyond its ac celerated growth, the more re cent period was distinguished by the dominance of the-debt rise in the private sector of the econo my, with the people at large set ting the pace in their borrowing to buy homes, cars and other goods. By contrast, an almost sixfold rise in the Federal debt during the World War II pe riod was outstanding in the debt pattern of the Forties. In fact, the rise in the debt of the U. S. Government was more than half the rise in all debt for the 1940- 50 period. Growth and Composition Data compiled by the U. S. Department of Commerce show that all debt outstanding at the end of 1961 added up to $937 billions after a $53 billion in crease during the year. The to tal was about equally divided between the public sector (Fed eral, State and local combined), corporate borrowings, and the classification of individual and non-corporate debt. Close to half of the last group consisted of mortgages on one-to-four— family nonfarm homes. These figures are taken from the net debt series of the Com merce Department rather than its larger gross debt compila tion. The former is the pre ferred concept of economists in analyzing trends in the debt structure. The major adjust ment reduces the gross Federal Government and agency debt of $330 billions at the end of 1961 by some SIBO billions for U. S. obligations held by trust funds and Federal agencies, leaving $248 billions of Federal debt held by tine public. Similarily, more than $550 billions owed by affiliated corporations to each other are excluded in the net corporate de.bt figure. The in dividual and noncorporate debt sector is not involved in such adjustments. Economic Relationship Debt expansion is a traditional accompaniment ■of growth in our economy. Over the years, in fact, the figure:?' show a close correlation betwe*en the trend of debt and of tht; nation’s eco nomic activity as: measured by the gross national product. Furthermore, as far as the av erage person is concerned, bor rowing to increase individual and family materia-.l possessions and to raise their standard of living has become a normal part of life. Credit can of course be abused, too, but the records toi date show that tbe typical American has not isone over board. And while he may owe more today tha never before, never have his savings, his life insurance protection, and his other financial resources been \m>&\ mg, hi l'—-■ - —1 ■ | DAY TO 2 WEEKS ■ GUARANTEED HOTEL 1 I HOOMS ■ ADMISSiONS-SIGHTSEEINQ ROUND ] 1 TRIP TRANSPORTATION ■ 3-DAYS W NEW I ■ Hi YORK ONLY $51.25 FROM I B Mb or t*nne ■— -- -1 ■ Trafhimrr Tn nl TTtrrmw ft** i 1 iSTMaIn St, Norfollw j | Phono 627 8919 j m kb|F%| ak - pTM trai LWAYS i \ m| Aai4n 1 ■ so high either. A Time For Caution Beyond that, the size and com position of the overall debt take on a new perspective in periods ’ of national emergency and crisis, as in the case of the Cuban situ ; tion. Then the manageability | and flexibility of a debt of our present size become a matter of 1 concern, and the usual yard * sticks and economic relation ships by which the tolerability of the debt burden is measured ' appear in a different light 1 In this connection, Depart ment of Commerce figures show r that the latest total of public ’ and private net debt combined is more than double the $448 billions outstanding at the be ginning of 1950, the year of the Korean outbreak. It is close to five times the $l9O billions of aggregate net debt in the econo , my at the end of 1940, the year before Pearl Harbor. The figures show at the same time that the composition of the debt has shown dramatic chang es over the past two decades, es pecially the Federal share. In 1940, net Federal Government and agency debt outstanding was the equivalent of 23 cents of the nation’s debt dollar. Five years later, by the end of 1945, the proportion had gone up more than two and one-half times to the equivalent of 62 cents of ev ery dollar of debt in the econo -1 my. Then the expansion of pri vate borrowing got under way, and though the Federal debt has continued to grow, its share of the nation’s debt dollar has de-. dined steadily and was down’ to the equivalent of 27 cents last' year, or not much above the 1940 figure. j No Comment^ BtJAME* W.DOUTHAT AMlnUnt Vice Pro!dent, Govemneat ■elation* Division of the National Association of Hanafaetnren HO COMMENT is a report off incidents on the national scale, and does not necessarily reflect HAM policy or position. Washington—The administra tion seems to expect great tilings from Esther Peterson, re cently appointed special assist ant to the President for consum er affairs. She’s a capable wo man, all right, but it is just be ginning to dawn on some old Washington hands just what a hot potato she has. While 'her office is new, the government —ever since it was founded—has been building up a number of agencies to guide and protect the consumer. They are scattered through the cab inet departments and the inde pendent agencies often are in volved in other closely-related activities and will resist co ordination by their very na iture. In fact, everything the gov ernment does affects the con sumer. When it simply buys in its usual elephantine quan tities to satisfy its own needs, it contributes to demand and diminishes supply; thus, it tends THE CHOWAK HERALD, EDENTOW, WORTH CAROLINA. THURSDAY. MAY SB. 1964. m "<*'■ SMI! ' * I .|i‘inra W fIKRHHv ’ SPACE DETAIL—This globe will help guide Apollo astronauts to the moon and back. Bill Coleman gives it a final check in Minneapolis, Minn. The instrument will allow astronauts to check in which directions they are going and how fast they are moving. to keep prices up Unending Regulations Even a partial list of the agencies dealing directly with consumer affairs is lengthy. It’s hard to think of one that does not. Even the State Department is involved through its interna tional trade arrangements, in cluding price-setting deals on sugar, coffee, cotton, wheat and other truly basic commodities. The Treasury controls what the consumer’s dollar is worth, of course, but its activities ex tend far beyond that in the con sumer field. It has control over all drugs with narcotics in them and it even has regulations which say how much gin and how much vermouth should go into a bottled martini. Transportation costs are af fected by the Interstate Com merce Commission, the Civil Aeronautics Board, the Federal Aviation Agency, the Highway Trust Fund will be affected by the Appalachian poverty pro gram. Unlikely .as it seems, the Housing and Home Finance Ag ency is helping to support an experimental shoppers bus lime. Housing, a major consumer PEOPLES BANK AND TRUST CO. Consumer Credit Branch 210 SOUTH BROAD STREET EDENTON, N. C. ANNOUNCING . . . COMPLETE . . . BANKING FACILITIES ACCEPTING DEPOSITS - CASHING CHECKS SAVINGS DEPOSITS ‘v,: ❖ ■ Hours: Open Daily from 9KM) A. M., to 4:00 P. M. Saturday 9:00 A.M., to IKK) P. M. _ LOW BANK RATE FINANCING ON ALTOS, FURNITURE AND APPLIANCES ❖ ALSO PERSONAL LOANS FOR ANY SOUND PURPOSE Member ¥ DIAL ,yg|g|| need and expense, responds to the activities of the Federal Housing Administration, the Housing and Home Finance Agency, Urban Renewal, the Veterans Administration and the Federal National Mortgage Ad ministration. Drugs are controlled by the Food and Drug Administration. But Nothing New Food costs and values are af fected by the myriad programs of the Department of Agricul teure, some of which force prices up, and others of which tend to bring prices down. ■ The Justice Department and the Federal Trade Commission VOTE FOR AND RE-ELECT T. O. ASBELL Your, County Commissioner SECOND TOWNSHIP Saturday, May 30th Your Vote And Support Will Be Greatly Appreciated! deal witq anti-trust cases, in tended to preserve a market with free competition. Credit, a major consumer pre occupation, is offered or policed by the Federal Reserve Banks, Federal Deposit Insurance Cor poration, Farm Security Admin- 1 istration, Securities and Ex change Commission and others. The price of everything men work on is affected by the de cisions of the National Labor Relations Board. The Post Of fice guards against mail fraud and obscenity. It’s hard to think of an area of consumer affairs or consum er protection that isn’t already ' M BT DISMAL’ LOOK Duncan Sandys, British Common* wealth and Colonial Secre tary, passes through the dismal hall of Whitehall in London.’ under the wing of some exist ing agency. Most of these ac tivities, because of their na tures and relationships to other govennmental work seem to be long where they are. So Mrs. Peterson has been given a big job of coordinating, but nothing much new to do really. •. 1 ’ i f .* > y ■ , iy, j < J\e/nh«'A4/ JL _ n0111 c “ 1 o« om I . "'V' f| ■ I M I l/t AI,AD« r L J 5 QUART _ i | M" j J ■ CITY BUILDING PERMITS SHOW INCREASE IN 19M Building permits totaling $24,541,278 were issued in 36 Tar Heel cities of more than 10,1)00 population during April, the State Department or Labor has reported. State Labor Commissioner Frank Crane said the April fig ure was 16.6 per cent higher than the $21,047,824 reported by the cities for April, 1963. Crane said permits for the first four months of 1964 were up 21 per cent, rising from $81,121,324 in the first four months of 1963 to $98,083,536- in the same period this year. Seven cities reported April building permits exceeding one million dollars. Charlotte led with $3,526,302, followed, by Greensboro with $3,430,382, Bur lington with $3,156,780, Raleigh with $2,470,281, Durham with HOUSE FOR SALE 103 MORRIS CIRCLE • 5 ROOMS AND BATH • LARGE SCREEXED-IN BACK PORCH • 2-CAR CARPORT • SPACIOUS WORKSHOP IN BACKYARD CALL CLAUDE GRIFFIN Business Phone 482-2528 Home Phone 482-3322 $1,526,428, Fayaßtewi&e with sl,- 133,385 ,«jd Cftstonii with. sl,- 090,858. , Jt IV' •" •" " 11 And soul belated, In Hen ’ arfd Heaven unmated. By clc|in and mist h’bated Comes! Mit of darkness mom, w —A. C. SwindumA PIANO SALES AND SERVICE FOR EXPERT PIAWO TUN ING AND REPAIR SERVICE, DONALD ANGE te how avail able to work in this locality. * Don also has used pianos for sale which have been com pletely reconditioned . . . cut down Wifb mirrors installed and are priced reasonably. COWTACT ~ Paul Ange ITX.EPHONE 482-3335 For Details And *•' if Appointments
The Chowan Herald (Edenton, N.C.)
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May 28, 1964, edition 1
14
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