Word: bonus
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This is to register a protest against your editorial in praise of a proposed scheme to distribute bonus payments in form of non-transferable five year bonds to the trainees now in service. To me your position seems altogether unsound...
...Over the past decades the pressure for payments of soldiers' bonuses has been on of the most unwholesome aspects of our political scene. There is little reason for reintroducing the issue prematurely and with government support. Even a skeptic will admit that the morale of an army is not made or unmade by bonus payments...
...merit indeed. However, his proposal is very distinct from the scheme which you advocate. If we shall find it necessary to impose heavy levies on the income groups of say, under $1500, the forced loan method will be a sound way of spreading the hurden. The financing of current bonus payments is an altogether different matter...
...sudden decline of defense expenditures at the end of the war (a decline which, in itself, is highly unlikely) may induce a post-war slump, unless counteracted by deficit spending for other purposes. However, it will be more desirable to pay relief to the (then) unemployed, than to redeem bonus payments to former soldiers, independent of their economic status and need...
...trainees in five years will have built up a $1,200,000,000 reservoir of deferred purchasing power to case the post-war let down. Far better than a W.P.A. for the ex-servicemen or a bonus paid like the last one at a time when it was economically unwise, this proposal (soon to be openly pushed by-Administration spokesmen) is from all angles desirable. It gives the economy as sound a start in the post-war world as is possible, and at the same time gives the youth in arms a no less than fair deal in the future...