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000333 27 "I would therefore like to make the following general recom- mendations for the Council's consideration: First, priority should be given to the preservation of the environment and the life-support systems that man depends on. . . . fI ****::::~ ". . . We shall interpret stringent Standards as an indica- tion that the present Administration is concerned about the quality of life in our state. Weak Standards will be a disappointment and will put those responsible in the position of obviously not respond- ing to the desire and needs of the public. " Mr. Harry N. Cook, Executive Vice President, National Waterways Conference, Inc. "Like benefit/cost analysis, the discount rate has become a device by which OMB seeks to manipulate the water program. By insisting on evaluation standards based on national economic gains discounted at a high percentage rate, OMB can effectively limit expenditures for water programs. The claim can be made that such programs do not meet required economic tests and that the Federal Government, therefore, should be putting its money into other more efficient programs. "This marketplace concept where water is treated as just another commodity--like apples or cabbages--is just not valid. There is no substitute for water. " * * * ,): :(c "The opportunity cost concept as a basis for determining the discount rate is fallacious. Private sector and public sector investment just cannot b~ compared. The two sectors do not produce the same type of goods, and they do not seek the same returns from their investments. . . ." ~c * * * :..':: "Implementation of higher discount rates would mean that projects and plans would be scaled down. But there is hardly any way to scale down navigation, flood control or reclamation