National and international capital shortages slowing, perhaps preventing, American economic growth and leading to a decline in the domestic standard of living

It is shown that many of the basic industries that the U.S. has relied upon in the past for economic growth and development are now so obsolete, so old, and so technologically inferior to that of foreign competitors that the U.S. is losing its international competitive position. The most conservative estimate suggests that it will require $325 billion between now and 1982 merely to meet existing and currently anticipated pollution requirements and that it would take an additional $197 billion to replace outmoded existing facilities.