Word: debts
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Dates: during 1940-1949
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...Schlesinger [TIME, Nov. 8]. If service to the people who elected them is the criterion, then Harding ranks far above the two 20th Century "greats" [Woodrow Wilson and Franklin Roosevelt] who allowed this nation to be plunged into two World Wars and then saddled us with a mountain of debt...
...whole scientific community, and in men of learning everywhere, so profound a revulsion that I cannot pass it in silence. That has to do with the evaluation of Einstein, and of his place in science, which no time, no age, and no frivolity can alter, and of the debt that we owe, and that all who follow us will owe, to him. It would seem that the issue goes beyond that of good taste, that it touches on an appreciation of the timeless nature of truth, without which the life of the mind can have no meaning, and without which...
...acquainted only with the situation in his own sector . . . He deliberately pursued certain eccentricities of behavior, one of which was to separate himself habitually from his staff ... He consistently refused to deal with a staff officer from any headquarters other than his own . . ." Like Patton, Monty frankly admitted his debt to Ike: "I know my own faults very well and I do not suppose I am an easy subordinate; I like to go my own way. But you have kept me on the rails in difficult and stormy times, and have taught me much...
What is the essence of New Dealism or Keynesianism? First, and foremost, it is the responsibility of government to guarantee a minimum of demand and a relatively stable demand; for these are the sine qua non for a prosperous economy. That does not mean a steady accumulation of public debt or continued inflation. It means, insofar as the broad objectives of public policy allow, minimum public expenditures and maximum taxes (and repayment of debt) in periods of exuberance (1946-48), and increased public expenditures and minimum taxes in periods of depression. It means lacing public activity with private...
Unfortunately, in Roosevelt's day the correct theory of fiscal policy had not quite jelled; and even Roosevelt could not overcome his nurtured fear of debt. The Democrats, therefore, did not, as they should have, introduce an adequate policy of tax reduction in the thirties. With the New Dealers back in the saddle, we may except in the immediate future minimum expenditures consistent with broad public objectives; and no tax reduction, and possibly an increase in tax rates. This is the time of pay off debt: this country should pay off $10 billion of debt in the next year...