FISCAL: Open Books

Economist Beardsley Ruml, who fathered the pay-as-you-go tax plan adopted by Congress in 1943, is having less success with his Ruml Plan to balance the budget by bookkeeping tricks such as taking public works and commodity inventories out of the current expense budget and treating them as capital assets (TIME, Aug. 24).

Last week Treasury Secretary George Humphrey gave a commonsense appraisal of Ruml's plan. Said he: "We are not particularly impressed with it ... It has been tried in ... foreign countries . . . They had disastrous results. I think that it might even encourage a lack...

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