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Senator Goldwater Offers Economic Proposals

Jan. 29, 1962 - Senator Barry Goldwater, Republican of Arizona, listed four possible ways today for the U.S. to meet increasing economic competition from overseas. He said the steps were an alternative to President Kennedy’s proposal for closer ties with the European Common Market. Speaking to 1,000 delegates at the National Cotton Council’s convention in New Orleans, Mr. Goldwater suggested: “fiscal responsibility,” in the form of a balanced budget for four or five years; a stop to “this constant spiral of wages and prices”; a more favorable depreciation write-off for American business; and, fourth, a sharp curtailing of economic foreign aid. On depreciation, Mr. Goldwater said the President’s proposals to Congress, which call for tax write-offs totaling one-and-a-half billion dollars, did not “go nearly far enough.” On the question of the Common Market, Senator Goldwater said he was concerned with its effect on our “sovereignty, constitutional methods, free enterprise system, and freedom.”

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