Word: debt
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Dates: during 1950-1959
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Where Is the Money? All other costs of the U.S. Government for the same two years would come to only $43 billion (see chart). And even that figure contained the enormous, still unliquidated costs of the wars of yesterdayinterest on the national debt, payments to veterans, a total of $22 billion. In other words, the crushing costs of wars past & present for the two years would be $162 billion, compared with $21 billion for the normal domestic expenses of the U.S. Government...
...subsequent message. He was determined, however, that national security should be put on a basis of "pay as you go."* In short, if Mr. Truman had his way, the money would have to come out of the pockets of U.S. citizens, without any addition to the national debt, now $256 billion...
...cried the Republicans-including Tom Dewey-was so honest that he had contracted a vast debt of honor and had kept himself poverty-stricken for years paying it off. The intimation was plain: Dewey had not offered Hanley a political bribe to surrender the nomination; he had simply been rewarding an upstanding public servant for good works. Nevertheless, Senate investigators called on Old Joe just before the election to quiz him about the whole affair...
Paid in Full. Hanley, who was lying in a hospital bed recovering from combat fatigue, talked with impressive sincerity. His debt, according to the investigators' subsequent report, dated back to the death of his father in 1933: the elder Hanley had died the owner of $75,000 worth of stock in a bank which had failed in Muscatine, Iowa. Joe was not legally responsible, but he had shouldered his father's $150,000 double-liability obligation, and he had spent years of scraping and pinching in an attempt to make it good...
...August 1949, the report continued, Publisher Frank Gannett and the Bank of Manhattan had kindly lent Hanley the $28,500 which he needed to pay up the debt in full. But when he knuckled down to Dewey, his patron and another anti-Dewey Republican, Congressman W. Kingsland Macy, were not pleased. It was then that Hanley wrote Macy The Letter, a lugubrious note of apology and explanation...