Word: publication
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Dates: during 1930-1939
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...exposition of the alternative way, the Roosevelt-Eccles-Cohen way, of building up an 80-billion-dollar national income by continued Government spending. "We have learned," he said, "that it is unsafe to make abrupt reductions. . . . It is my conviction that down in their hearts the American public . . . wants this Congress to do whatever needs to be done to raise our national income to $80,000,000,000 a year...
Another new thought was on the President's lips last week: "Despite our Federal Government expenditures the entire debt of our national economic system, public and private together, is no larger today than it was in 1929, and the interest thereon is far less than...
...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...
...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-such as wild inflation-changes public opinion, the U. S. will not again attempt to live within its means...