Hoover Warns Against New Cuts in Taxes: Hoover Warns Against Further Tax Cuts
Former President Herbert j Hoover warned last night that! further tax cuts will bring a' new wave of Û÷Û¢inflationÛ and endanger United States defensej Û÷against the Communist horde." j The white-haired cldcr| statesman called for a Û÷ period of self-denialÛ by the nation to restore a sound economy.</br></br>Hoover, who heads the administration's Commission on 'Organization seeking means to See HOOVER, Page 4-M, Col. <1</br></br>He told the annual dinner meeting of the American Society of Newspaper Editors that a red-ink budget can be ended only by further sharp reductions in Federal expenditures and no new tax cuts.</br></br>He warned that inflation, which he said had been brought on by 23 years of deficit-financing, ÛÏis the surest road to disaster in our defense against the Communist horde.Û ÛÏWe could both cure the budget deficit and many of the pains of taxes without lessening our effectiveness in defense or in the needed functions of government if we could now have a period of self-degjal and patience.</br></br>ÛÏAs sure as the sun sets, their continuation will produce the darkness of rising prices, and wages, no matter what some cheery economists may say.Û The former President charged ÛÏpressure groupsÛ with lobbying to keep Government expenditure at abnormal levels.