Word: budgeted
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Dates: during 1930-1939
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More disturbing to those who hunger for a balanced budget was the fact that in this year's budget message, unlike last year's, the President set no date, however remote, for balancing the budget, proposed no means, however vague, for doing so. Instead, he left the question of ending recurring deficits to such time as private industry may re-employ the unemployed. And his work relief plans meant that the per capita cost of maintaining the unemployed would continue on a scale greater than ever before...
Taxes. "I do not," said President Roosevelt, "consider it advisable at this time to propose any new or additional taxes." The object of his budget-unbalancing would, in fact, be impaired by new taxes because the inflationary effect of huge government spendings would be offset by the deflationary effect of higher taxes. Nonetheless he made his desire plain: the nuisance taxes which automatically expire next summer must be re-enacted, the 3? rate for non-local first class mail must be continued...
Public debt. At the end of fiscal 1933, four months after Franklin Roosevelt took office, the U. S. Public Debt was $22,538,000,000. A year later, at the end of fiscal 1934, the public debt was $27,053,000,000. If his forecast made in his budget message a year ago came true, the public debt next June at the end of fiscal 1935 would be $31,834,000,000. Last week he revised that estimate because New Deal spending had gone more slowly than he expected, set it at $31,000,000,000. For the close...
Bookkeeping. One conservative sign observers noted in this year's budget message-a tendency to treat figures more as they were treated under Coolidge and Hoover. The budget for fiscal 1936 calls for expenditures of $1,622,000,000 for the Government's running expenses, an increase of nearly 50% over fiscal 1934. One part of this increase is caused by the restoration of Government pay cuts, by vastly more Government employment under the New Deal, by larger appropriations for the Navy. Another part is caused by more realistic bookkeeping. Example: $200,000,000 is added...
...soon re-discount this at the Bank of France and consequently will be in a position to loosen up French credit generally. The Treasury will also do some short-term unloading of its own upon the Bank of France, thus getting funds with which to appear to balance the budget without having, to ask the Chamber to vote higher taxes. By this fascinating maneuver the State also avoids another long-term Government bond issue which would badly clog the Paris bond market. "It's clever," Frenchmen agreed, "but is it inflation...