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<br />OGJ34S <br /> <br />34 <br /> <br />Conversely, it presupposes that failure to commit a specific sum <br />results in a tax abatement, which makes its way somehow into a <br />worthwhile profitable private investment. Current deficit <br />financing strongly suggests that there is no direct relationship <br />between tax relief and the volume of government expenditure. . <br /> <br />II the mistaken theory of 'opportunity costs' assumes <br />that every dollar is like every other dollar; that a dollar's worth <br />of consumption, sensible or frivolous, is equal in value to society <br />to a dollar's worth of benefit such as freight savings, which may <br />have as its effect an improvement in balance of payments, or an <br />enhancement of our international competitive position or the <br />ability of the farmer to reach a particular market. <br /> <br />". . . the reliance on mathematical criteria for government <br />commitment of its funds for water resources development on the <br />theory of 'opportunity costs, ' if correct, would have to be applied <br />to other government programs in which loans, grants and direct <br />investment are dedicated. <br /> <br />"There appears to be no reason to treat the fiscal develop- <br />ment of water resources any differently than other government <br />programs which are also designed to enhance the quality of life <br />and the economic development of the country. II <br /> <br />r, <br /> <br />)):: * * * * <br /> <br />". . . The progressive increase in the discount factor will, <br />in short, achieve its real purpose, to wit: bring to an end the <br />development of our waterways for navigation. It is death by <br />strangulation. <br /> <br />II <br /> <br />"Meanwhile, what are our competitor nations doing? In <br />Holland, Rotterdam is now completing the fabulous Europort, <br />which has had the effect of making Rotterdam-Europort by far the <br />largest facility in the world, bringing to the European economic <br />community the advantage of importing ores and petroleum and <br />grain in ships of 250,000 tons capacity and greater, while the <br />United States must content itself with the higher costs attending <br />the use of ships one-third this size. II <br /> <br />~r**** <br /> <br />"Clearly, all projects must be undertaken with the physical <br />constraints which will protect the environment and certainly <br />