Word: debt
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Dates: during 1950-1959
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...miles of roads, distributing 600,000 free schoolbooks, teaching 100,000 illiterate adults how to read and write so that they could qualify as kings. Huey dispensed thousands of jobs to consolidate his power, converted the state police into a semiprivate army, and ran up the state debt from $11 million to more than $100 million. Huey called the state legislature "the finest collection of lawmakers money can buy." Earl's contribution was often to placate or scare the lawmakers, and he once did it in a clumsy way that displeased Huey. When the legislature tried to impeach Governor...
Cash reserves had certainly dwindled. Current liabilities had mounted, while long-term debt rose from $193,850,000 to $199,580,000. Protested one former director, "It's a stock speculation-venture instead of a railroad business...
...after speaker at the 8th annual credit conference of the august American Bankers Association called for caution on credit, but did not think the present level too high. Said Bank of Virginia's President Thomas C. Boushall: "Outstanding consumer credit (totaling $34.6 billion) is not actually excessive. Private debt (which includes consumer credit) in 1930 was 176% of a year's production; in 1955 private debt is 81% of a year's production...
...vast majority of people conduct their affairs with prudence. When the ratio of credit extended exceeds the rate of repayment by from 2% to 2.5% of disposable income, a correction occurs on the part of the consumer. Indications are good that a turn downward in the growth of consumer debt is under way right...
Shameful Brawls. Harry Truman tried hard to make the fight and he tried the only way he knew how. He was bedeviled by billions of new commitments-e.g., veterans' benefits, interest on the tremendous new debt-that he could do nothing about. So he slashed billions from the armed services on the valid theory that they had learned to live extravagantly in the lush days of World War II. A slash, his budget people told him, would teach the services to live efficiently; once they had learned austerity again, perhaps they could have some more money...