Los Banos Rotary Club History
Sees America As Firm And Sound

Golden Driggs, the man with the external smile who is district manager of the New York Life Insurance Co., Fresno, told members of the Rotary Club Tuesday that regardless of high taxes inflation, corruption and threat of war, he is still optimistic as to America's future.

Driggs stated he recently returned to the coast from Chicago where he attended a nations convention of his company and heard learned discussions on the country's welfare by some of the country's leading economists. On the basis of their thinking, Driggs says that large scale war is not nearly as imminent today as it was a year ago; that inilation has probably reached its peak; that taxes may be as high but not higher than they are today; and that there are at least five good reasons to be optimistic about the future of our country.

First, he said, there is little danger of a stock market crash such as that of '29, principally because most stocks are purchased for cash today rather than on a 10 or 15 per cent margin as they were then. Second, the short term, unamortized mortgage which closed so many banks and ruined so many people then is very uncommon today, most mortgages being payable on a regular basis almost like rent. Also, he said, the present defense program, which will be stepped up to $65 billion by the end of the year, means full employment and steady wages, and the federal social security and unemployment plans will protect people who have reached retirement age. Further, Driggs pointed out, whenever the defense program slows down there is a tremendous program of roads and highways, school plants, and other public and private construction which will maintain employment at a high level. And lastly, Driggs continued, our population is increasing at the rate of some two million a year, which means a million new family units every year to take the products of our farms and factories.

As to the national debt, the speaker pointed out that the $260 billion debt today represents only about one year's income for every person—which is not so much considering that many people assume greater obligations every year and eventually pay off without too much sacrifice.

Looking to today, Driggs passed out a bit of excellent personal philosophy—saying he admitted he was getting along in years—but he was glad to be as old as he was because otherwise he would already be dead. As to the future, Driggs said the answer is production—farm and factory; not to let our yearnings exceed our earnings; and to have faith in our fellowman and in America's destiny.

April 4, 1952

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