Word: deficits
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Dates: during 1930-1939
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This is virtually what has happened in Britain during Depression. The British unemployment fund, established in 1912, piled up a ?21,000,000 surplus by 1920. The depression that followed wiped out the surplus and created a ?15,000,000 deficit. That depression was safely weathered and the fund sailed along on a fairly even keel until depression again struck in 1928. The fund tried to provide relief for most of England's unemployed and by 1932 it was ?115,000,000 in debt to the Government. Then England revised her plan, separated relief from unemployment, limited unemployment benefits...
...immediately established and an expanding industry paved the way to recovery and prosperity. It is this same uncertainty which paralyzes business today. It is this ghost of inflation which hovers over financial circles and prevents a restoration of confidence. As Dr. Kemmerer ably pointed out. It is the federal deficit which constitutes the chief threat of inflation. As long as the government continues its policy of lavish expenditures, as long as a glittering flood of gold purs from the Treasury, no honeyed words of the President can banish the fear inspired by the prospects of monetary manipulation. Regardless...
...past, the wheels of recovery have been started by the flow of private capital into the channels of investment. Any program of spending which increases the national deficit and prejudices the soundness of the monetary unit is an obstacle to industrial progress...
...market by 15,000,000 out-of-towners. More amazing was the financial success of the Fair itself. All but $600,000 of $10,000,000 of the bonds underwritten by big Chicago businessmen had been paid off. And the salvage from demolition was expected to make up that deficit...
...Expected deficit of U. S. railroads for 1934 is $53,000,000. One place where no depression exists in the railroad industry is Cincinnati. So profitable has Cincinnati found railroading that last week it contemplated expanding its interests in that field...