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| February 2, 1972 San Miguel Basin Forum |  |
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February 2, 1972 |
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O
"( olorado taxpayers' share
of the cost of the $246.~, bil-
lion F'ederal expenditure bud-
get for the fiscal year 1973,
just submitted bythe Presi-
dent, will amountto an esti-
mated $2.5 billion," according
to the Colorado Public Ex-
penditure (~ouncil. The esti-
mate is based upon a formula
developed by the Tax Foumta-
tion, a nationally known, non-
profit research organization.
"The President's budget
projects receipts in the fiscal
year which begins next July 1
at $220.8 billion, with a uni-
fied budget deficit of $25.5
billion." John Quigley, CPE-
C's spokesman, noted that
this huge deficit comes on top
of a deficit nov,' estimated at
$39 billion for the current fis-
cal year, and of $23 billion in
the fiscal year which ended
June 30, 1971.
'~'Fhe unified budget results
reflects the operations of the
soc ial insurance ,and other
Federal trust funds," Quigley
pointed out. "If those trust
funds are eliminated, the sta-
tus of Federal finances on
what might be referred to as
the 'general fund' basis is
even more alarming, reaching
a deficit of up to $d5 billion
for 1 972.
"The Federal budgetary out-
look, ;as indicated by these
totals, carries grave implicu-
tions for every t itlzen, as well
as for State and local govern-
ments," the (7f'E(" spokesman
declared. '"l'hese huge eXl~t'l,-
ditures must eventually he
paid for, one way or another.
The inexorable rise in Federal
spending poses a certain
threat of heavier tax burdens
in the future. Proposals to
provide fiscal relief for State-
Iota I governments thro ugh Fed-
eral action may have to be re-
examined in the light of the
Federal budgetary position."
Quiqley warned, '~'l'his,
however, may not be the worst
of it. ttuge Federal deficits
help to generate inflation,
Thus, Federal fiscal policy
appears to be at cross purpo-
ses with the government's
wage-price stabilization pro-
gram • ' '
"It is even more disturbing
to contemplate the threat
which these huge deficits may
pose to tile integrity of our ill-
ready beleaguered dollar."
lie also noted that the Fed-
eral debt, which amounted to
$409.5 billion as of June ~0,
1971, is now estimated to rise
to $893.2 billion by the end of
fiscal year 197~.
I I I I
Wednesday, February 2, 1972
II
vol. 18 no. 31 still only
III I IIM |
This year when you make out the check to pay your federal income tax, you will
be happ] to know thac part of It will go to pay the salary of the foul ball in the de-
partment of Inr.ernal Revenue who authorized mailing you your tax forms by first
class mztl rather than by third class as in years past.
This little oversight will only cost the Am~:rlcan taxpayer an additional TWO
and ONE HALF MILLION DOLLARS me, re than it should have.
Wlfl he get fired 3vet this? Probably not because anyone who can wasze tax-
payers money on such a grand scale is destined to go far in our government.
Above: NOT SK] BUMS but members of the Nucla Ski Club pictured relaxing on the deck at Ski Dallas recently. We
are grateful to Grace Herndon for the photo which shows left to right seated on the deck Debbte Austin, Leslie Am-
ent, Wallace Belden and John deKoevend. 2nd row 1 to r we have Tammy Burnett, Dane Heese, Darren Heese, Edwin
Thomson, Dale Williams, Kevtn Reardon and Clifford Hammond. Back row 1 to r : Three Belden Brothers, JerryWtl-
llams, Jay Phillips, Ken Belden, Bonnie Andrews, Chuck Binder, Danny Bishop and Mark Ltber.