Times Poll and Taxes
Your page 1, headline (Nov. 1) reads “Analysts Divided on Recession Peril.†Some believe an economic recession is inevitable, others that government actions can prevent it. The facts are--1. No economic recession is inevitable. 2. Government actions can help avoid one but to rely on that to prevent an economic disaster will assure bad times. 3. The prime cause of an economic disaster rests with the mental attitude of a few management leaders--if they can lay off workers and adopt austerity policies, recession is certain because it will force other management leaders to follow suit. Only united action by workers, stockholders and the general public can avert it.
The greatest danger is layoffs. Each large publicly owned corporation should keep everybody on the payroll with wage and salary cuts as may be really needed.
All investors owning stocks outright did not lose by the stock market decline. The only real losers were speculators, who, like crap shooters, threw snake eyes on that roll. For every seller there is a buyer. All the machinery, factories and labor that were available before the crash are still there.
The whole thing is a state of mind. If the public will understand that and act accordingly there will be no economic recession.
PAUL WHITMORE
Garden Grove
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