Word: debts
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Dates: during 1930-1939
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...improvement in economic conditions continues at the present rate," the President expects in fiscal 1939 to bring the budget completely into balance by beginning to pay off some of the national debt as required...
...estimate $35,000,000 to be spent by the War Department for non-military purposes and $105,000,000 for rivers and harbors; both formerly were included as part of the War Department's expenditures. Another item of increased cost is interest on the public debt. From about $700,000,000 before Depression this has risen in the 1938 budget to $860,000,000, an increase of 23%. Now, however, interest rates are abnormally low. Since by 1938 the public debt will have increased over 100%, the interest on the debt can be expected gradually to mount...
...comparative expenditures for fiscal 1936, 1937 and 1938 as shown by the budget (exclusive of the veterans' bonus and of amounts theoretically spent in retiring the debt...
These figures however do not show the real cost of running the Government on a post-Recovery basis because they include large Relief expenditures. Eliminating Relief costs, charging the Government with only the net cost of Social Security (see below) and allowing for no debt retirement, the expenses of the Government for fiscal 1938 come to about...
...smaller than its tax collections for many years. In 1938 collections will exceed actual payments by $480,000,000. This money will be invested in Government bonds and if a $40,000,000,000 reserve should be built up as anticipated, the Government might eventually owe its whole public debt to its prospective pensioners. It was this that Alf Landon last fall called a "cruel hoax" on the workers of America...