Word: debts
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Dates: during 1930-1939
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...Eccles claim that the total amount of debt (public and private) is no greater than in 1929: "As you know, our national income is only 60 billion dollars, whereas for 1929 it was 80 billion dollars. The income out of which these debts must be paid has shrunken 20 billion dollars. . . . Our burden is the same. Our strength is much less...
...increase in Government debt which practically offsets the decrease in private debt since 1929 has not however restored 1929's 80 billion dollar national income. Nor does the President expect 1929's income to be approached until idle private capital is put to work. To be put to work much of it must be lent, increasing to new heights the entire debt of the national economic system. In short, Franklin Roosevelt's vision of prosperity is that it will be achieved only when U. S. debt (public and private) far exceeds that...
This turnabout in the President's philosophy was crystallized in the new budget in a proposed method of bookkeeping. Government expenditures have for several years been in effect divided into two types -ordinary (Government operating expenses, national defense, interest on public debt, etc.) and extraordinary (relief, highways, Civilian Conservation Corps, flood control, public buildings, etc.). The former he would have remain fairly constant from year to year; but extraordinary expenses would chart (in reverse) the country's ups and downs, and he suggested that these expenses be treated as national investments...
Implicit in the President's fiscal philosophy of 1939 is therefore a tacit acknowledgment of an idea that political realists long have harbored: expenditures cannot be reduced for reasons both political and social; the U. S. economic system is going to support a larger and larger debt; the U. S. budget is not likely to be balanced by the New Deal or by a successor administration for a long time to come. Corollary of this (not of course believed by the President) is that the U. S. debt will never be paid off, and that until some drastic event...
...fiscal 1940 the Government hopes to spend nearly half a billion less than this year-$8,995,000,000. With the world becoming unsafe for democracy again, biggest increase will be in national defense, and a real beanstalk in Franklin's garden is now interest on the national debt, which in 1940 will...