Word: rearmaments
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When Franklin Roosevelt submits his 1939-40 budget to Congress next month, U. S. taxpayers will learn what he has in mind for Rearmament. Meantime, it be came apparent last week that Rearmament talk has been liberally larded with balder dash...
...press conference he conveyed the contradictory ideas that military spending must be on a pay-as-you-go basis and that this does not mean that the U. S. must Pay in the same year that it Spends. On top of this, he declared that pay-as-you-go Rearmament does not necessarily entail new taxes. Since the U. S. is still running whopping deficits, the implication was that Rearmament must replace some other form of spending, but the President went on to say that military spending is to be solely for military purposes, and not for pump-priming...
...confusing was this mélange that White House Secretary Stephen Early afterwards undertook to clarify it. In doing so, he volunteered the most revealing statement yet made on the subject. The President, said Mr. Early, has not decided whether to expand Rearmament at all. This amounted to saying that U. S. citizens lately have been gazing at nothing but a huge trial balloon. Not even this, however, was the most astonishing thing in the Administration's Rearmament fuss...
Meanwhile, the particular brand of spending which is on the way, with hearty approval on all sides, is rearmament. Last week Banking declared that it would be a "Business stimulant of first importance in the immediate future." Like all spending, the blessings of rearmament are short-lived. It helped England for a year but last week England's plight was reflected in the fact that the pound sterling was under such pressure that the price of gold in London went to the highest level in history ($34.70). There were persistent rumors that further devaluation of the pound...
...experts back in Washington, vacationing Franklin Roosevelt left further work on the Budget last week, and further study of the big new ingredient of his Fourth New Deal: rearmament. For him this visit to Warm Springs, Ga. was to be real relaxation, real "play." He swam in the warm pool, drove his car through the hills and forests, held an open-air press conference. He carved a Thanksgiving turkey for fellow paralysis patients, singled out Eddie Cantor's Thanksgiving greeting to read aloud: "I am grateful that I live in a country where all leaders can sit down...