Word: nationalizes
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Dates: during 1970-1979
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...high bill for energy imports has put a tax on the nation that slows capital growth, impedes productivity, weakens the dollar and aggravates inflation...
What needs to be done is to reverse these trends so that the nation spends relatively less personal income for today in order to save more for tomorrow; reduces the amount of money drained off by Government activities and increases the capital available for private investment; and decreases the sums flowing out for energy imports while expanding the sums put into developing domestic energy sources...
Accomplishing much of all that will be extremely tough for two reasons. First, laws enacted by previous Congresses commit the Government to increasing federal spending in the years ahead, even though such outlays reduce the capital available for investment; in many ways, the nation has mortgaged its future. Second, powerful groups have vested interests in keeping these laws just the way they...
...would seem suicidal for any political leader to challenge just a few of these groups, let alone most of them. Yet the broad mass of Americans are wearying of inflation, regulation and budget busting. They realize that those three mighty forces have impeded investment and caused the nation to fall behind, and they may be ready to support the courageous political leader who will tackle the special interests headon. In times of such ferment, the public may well be prepared to accept fairly radical steps. Some possibilities...
That law not only will save energy but will also encourage investment in new and better products. But the environmental regulations that retard the switch to coal, the expansion of nuclear power and the development of oil shale are debilitating to the nation. They not only waste energy but also increase oil imports and kill off job-creating capital projects...