6142 EXTENSIONS OF REMARKS March 8, 1978 in carrying out its functions under this 10 (2) (B) and any change in the Task Force training, experience, and attainments ls ex­ section. recommendations shall be made in further­ ceptionally qualified to analyze and interpret (b) The head of each department, agency, ance of that goal. However, the President economic developments, to appraise programs or instrumentality of the Federal Govern­ shall establish for both minority youth un­ and activities of the Government in the light ment is authorized to provide such support employment and youth unemployment in of the policy declared in section 2, and to and services to the Task Force, upon request general a specific numerical goal which in formulate and recommend national economic of the Chairman, as may be agreed between terms of labor-market tightness is equal to 3 policy to promote a program to determine the head of the department, agency, or in­ per centum adult unemployment. the effect of inflation on the income tax strumentality and the Chairman. TITLE II-AMENDMENTS TO THE EM­ structure, the effect of inflation on marginal (c) There are authorized to be appropriated PLOYMENT ACT OF 1946 tax rates and the percentage change of tax such sums and eighty days after submission returns filed in each bracket, the level of em­ of its final report as required under section ECONOMIC R"EPORT OF THE PRESIDENT ployment, production, real income, and pur­ 105 of this section. SEc. 201. Section 3(a) of the Employment chasing power under free competitive en­ (d) The Task Force or, on the authorization Act of 1946 is amended to read as follows: terprise. The President shall designate one of the Task Force, any subcommittee or "SEc. 3. (a) The President shall transmit of the members of the Council as Chair­ members thereof, may, !or the purposes of to the Congress not later than January 20 of man.". carrying out the provisions of this section, each year an economic report (hereinafter TAX IMPACTS OF INFLATION called the 'Economic Report') setting forth hold such hearings, take such testimony, and SEc. 203. (a) Paragraph (2) of section 4(c) sit and act at such times and places as the (1) the effects of inflation on the income tax of the Employment Act of 1946 is amended Task Force deems advisable. Any member structure, the effect of inflation on marginal to read as follows: ta.x rates and percentage change of tax re­ authorized by the Task Force may adminis­ "(2) to gather timely and authoritative in­ ter oaths or affirmations to witnesses appear­ turns filed in each bracket, the levels of employment, production, real income, and formation concerning economic develop­ ing before the Task Force or any subcom­ ments and economic trends, both current and mittee or members thereof. purchasing power in the United States and prospective, including the effect of inflation (e) There are authorized to be appropri­ such levels needed to carry out the policy on the income tax structure, the effect of ated such sums as may be necessary to carry declared in section 2; (2) current and fore­ inflation on marginal tax rates and percent­ out the provisions of this Act. seeable trends in the levels of marginal tax age of tax returns filed in each bracket, the rates, inflation, employment, production, real levels of employment, production, real in­ REPORT income, and purchasing power; (3) a review SEc. 105. (a) Upon submission of the final of the tax structure and economic program come, and purchasing power, to analyze and report, the President shall take steps to of the Federal Government and a review of interpret such information in the light of ascertain the views of each affected executive the economic conditions affecting employ­ the policy declared in section 2 !or the pur­ agency, and shall make a report, so at the ment in the United States or any consider­ pose of determining whether such develop­ time of the next submission of the Economic able portion thereof during the preceding ments and trends are interfering or are Report required under section 3 of the Em­ year and of their effect upon tax rates, infla­ likely to interfere, with the achievement of ployment Act of 1946, but in no event later tion, employment, production, real income such policy, and to compile and submit to than January 20, 1980, which sets forth the and purchasing power; and ( 4) a program for the President studies relating to such devel­ President's recommendations for reducing opments and trends;". carrying out the policy declared in section 2, (b) Paragraph ( 4) of section 4 (c) of the youth unemployment. Such report shall together with such recommendations for comment on- Employment Act of 1946 is amended to read legislation as he or she may deem necessary as follows: (1) the desirabiUty, feasib111ty, and cost of or desirable.". implementing each of the Task Force rec­ " ( 4) to develop and recommend to the COUNCIL OF ECONOMIC ADVISERS TO THE President national economic policies to foster ommendations and the actions taken or PRESIDENT planned with respect to implementation; and and promote a program to determine the (2) recommendations with respect to any SEc. 202. Section 4(a) of the Employment effect of inflation on the income tax struc­ legislation proposed by the Task Force, the Act of 1946 is amended to read as follows: ture, the effect of inflation on marginal tax rates and the percentage change of tax re­ need for any alternative or additional legis­ "SEc. 4. (a) There is hereby created in the Executive Office of the President a Council turns filed in each bracket, the level of em­ lation to implement the recommendations of ployment, production, real income, and pur­ the Task Force, and any other proposals to of Economic Advisers (hereinafter called the strengthen and reach the goals delineated in "Council"). The Council shall be composed chasing power and to promote free compet­ section 103(2) (B). of three members who shall be appointed by itive enterprise, to avoid ·economic fluctua­ the President, by and With the advice and tions or to diminish the effects thereof and (b) In no event shall the President alter consent of the Senate, and each of whom thus to maintain employment, production, the established goal as outlined in section shall be a person who, as a result of his and purchasing power;". EXTENSIONS OF REMARKS AMBASSADOR LODGE ON THE an act of constructive statesmanship by one to Siberia. Shn11ltl we hand Alaska over to PANAMA CANAL of our great Presidents, Theodore Roosevelt. Canada or perhaps to Russia? Alaska is a It constitutes a notable public service by the state as is Hawaii. Yes-and we could con­ United States to the entire world. We should ceivably make a stnte out of the Panama HON. RONALD A. SARASIN not be apologetic but proud of this unprece­ Canal Zone. OF CONNECTICUT dented engineering achievement. We suc­ It is declared that the Latin Americans IN THE HOUSE OF REPRESENTATIVES ceeded where the French failed. But for us, resent the North American presence in the the Panama Canal would not exist. In one Canal Zone. Yet there are many others who Wednesday, March 8, 1978 way or another it ha.s been paid for by us fear Russian r.nntrol of the canal by means many times over. of their control of 1''idel Castro's Cuba and • Mr. SARASIN. Mr. Speaker, a great Should we now .>ay that the Louisiana Castro's power and i:nfl.uence over Gen. Omar friend and statesman, Ambassador John Purchase, by which President Thomas Jeffer­ Torrijos Herrera., the· current, temporary, un­ Davis Lodge, has asked me to place the son bought one-third of the United States elected, left-wing, military dictator on Pan­ following article in the CONGRESSIONAL from Napoleon for $15 million, was a steal ama. And there are many others around the REcORD. The article appeared in the New and that therefore we should return this world who fea.r thHt the Panamanians, in ~ork Times on Novembe:r' 29, 1977, and vast area to France? And how about Alaska? spite of their t-hreats and promises. will not Is ~uthorized by Ambassador Lodge, I And Hawaii? run the canal as efficiently as we do. We run believe my colleagues will find this article It is asserted that the Panama Canal con­ it very well indeed. stitutes an anachronistic vestige of colonial­ Argentina, Flrazil, Chile, Bolivia. Uruguay, of great interest: ism in a decolonializing world. Certainly the Paraguay and F.:mador have anti-Communist [From the New York Times, Nov. 29, 1977] British, French, Spaniards and Portuguese Governments and fear Communist infiltra­ THE CANAL: A RAMPART have been shedding their colonies. But how tion of the Canal Zone. Many in these coun­ (By John Davis Lodge) about the Russians and their satellites? Are tries would drP.ad our relinquishing control these satellites not in eff.!Ct colonies? of it. WESTPO"i!.T, CONN.-The principal argu­ Moreover, the Panama Canal Zone is not a The principal argument advanced in favor ments vehemently raised in support of the colony. It is inhabited by many thousands of of the treaties is that, as General Torrijos Panama Canal treaties are not altogether Americans. True, it is not contiguous to the convincing. has warned us. tf thE•y are not ratified by the United States, as it is to Panama. Is con­ Senate there will be trouble in Panama­ It is alleged in screeching tones, that we tiguity then the criterion? Well then, how demonstrations, riots, bombs, guerrilla ac­ stole it.