SOME FACTS OF FEDERAL FISCAL LIFE AND THEIR IMPORTANCE TO THINKING AMERICANS.
This article focuses on some facts of federal fiscal life and their importance to Americans. At present the United States Government owes about 288 billion dollars to the holders of government securities, and the annual interest expense for carrying that debt was estimated last January at around eleven per cent of the total budget receipts of the Federal Government anticipated in fiscal 1951 or 9.5 billion dollars. The Government is committed in the future for plenty of other costs. For example: first, merchant Marine subsidies and ship replacement just for currently subsidized ships will cost 4.3 billion dollars. Second, 5.4 billion dollars is already committed for future Federal contributions for public housing. Third, Federal civil public works projects al ready started will cost 7 billion dollars after 1961 to complete. Fourth, it may cost as much as 30 billion dollars or more to complete the inter state highway program. It is at this point that the matter of the country's rate of economic growth comes to the fore. For as the economy grows, tax revenues-at the same or even lower tax rates-increase. And that increase in Federal revenues could be used, if not for debt reduction then perhaps to absorb some of the additional costs of added public service.
- DOI
- 10.2308/tar-7095778
- Volume
- 36 (1)
- Pages
- 36-42
- Language
- en
- Export
- BibTeX
- Sources
- crossref openalex