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Facts Forum News, Vol. 4, No. 8, September 1955
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Facts Forum. Facts Forum News, Vol. 4, No. 8, September 1955 - File 056. 1955-09. University of Houston Libraries. University of Houston Digital Library. Web. January 18, 2020. https://digital.lib.uh.edu/collection/1352973/item/489/show/475.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum. (1955-09). Facts Forum News, Vol. 4, No. 8, September 1955 - File 056. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/489/show/475

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum, Facts Forum News, Vol. 4, No. 8, September 1955 - File 056, 1955-09, Facts Forum News, 1955-1956, University of Houston Libraries, accessed January 18, 2020, https://digital.lib.uh.edu/collection/1352973/item/489/show/475.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Title Facts Forum News, Vol. 4, No. 8, September 1955
Alternate Title Facts Forum News, Vol. IV, No. 8, September 1955
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date September 1955
Language eng
Subject
  • Anti-communist movements
  • Conservatism
  • Politics and government
  • Hunt, H. L.
Place
  • Dallas, Texas
Genre
  • journals (periodicals)
Type
  • Text
Identifier AP2.F146 v. 4 1955; OCLC: 1352973
Collection
  • University of Houston Libraries
  • Facts Forum News
Rights No Copyright - United States: This item is in the public domain in the United States and may be used freely in the United States. The item may not be in the public domain under the copyright laws of other countries.
Item Description
Title File 056
Transcript Our Number One Problem The Importance of Balancin$he by Harry Flood Byrd U. S. Senator from \ irginia and Chairman of the Senate Finance Committee This address, reprinted from Vital Speeches, was delivered before the United Slates Chamber of Commerce. Washington, I). C. Nil IS ii important to balance the budget? ■\- I see it, balancing the budget without resorting to legerdemain or unsound bookkeeping methods is certainly in the category of our number one problems. Beginning with 1792, the firsl fiscal year of our federal government, and through 1916. federal deficits were casual and usually paid off in succeeding years. In this 121-year period there were forty-three deficit years and eighty-one surplus Mars. As late as July 1, 1914, iln interest-bearing debt weis less than $1 billion. In Andrew Jackson- administration the public debt was paid off in toto, an achievement in which President Jackson expressed great pride. It can he said for this first 124 years in the life of our Republic we were on a pay-as-you-go basis. In that period I think it ran be accurately said lhat we laid the foundation for our strength today as the greatest nation in all the world. Then in 1917. L918 and 191'). World Weir I deficits aggregateel $13 billion. Heavy current taxation in those years paid much of the war cost. The nexl II years, from 1919 to 1931, were - ii r j >1 n— \ ears, and the war debt was reduced. In 1932, Mr. Roosevell came into office, and the most outstanding plank in his platform was to reduce federal expenditures bj 2."> per cent and to keep the budgel in balance. He accuse.I Mr. Hoover of "throwing discretion to the wiiuls and indulging ill an orgy of waste and extravagance." Mr. Hoover spenl $4 billion in his lasl year, and the record shows that this spendthrift Hoover was the only President to leave office with fewer federal employees than when he came in. Mr. Roosevell added more than $200 billion to the public debt .luring his administrations. I took my oath as a Senator the senile day Mr. Roosevelt took his as President -March 4. 1933. The first bill I voted etn was the legislation recommended l>\ Presidenl Roosevell lee redeem his economy pledge by reducing all expenditures 15 per cent—a difference of 10 per cent less than bis original promise, ii is true but 1 thought Ihis was a substantial redemption ol a campaign pledge, as such things go. and I enthusiastically supported him. The title of the bill was "A bill to pre- serve the credit of the Inited States government." Our debt was then aboul $16 billion. This economy program was short-lived aboul -i\ months eiml the spending then began to steadily and rapidly increase. Mr. Roosevell presented thirteen btiel- gets eunl in every peacetime budget he promised a balance between income and outgo for the nexl year, but it turned out thai nexl year never came. He was in the- red eill the way. and ill every year "I In- administration ei substantial defi- eil wei- added to the public debt. There were eight Truman budgets. I hree were in the- black those for fiscal years 1947, 19111 and 1951. Two resulted from war contracl cancellations following the end of World War II and the third resulted from increased taxes for the Korean War before the war bills started coming due. Five Truman budge-!- were in the red. Mr. Eisenhower has presenti'd two budgets both in the red but on a declining rat ii i. The Kisenhower elefuil e--ti mates for fiscal w-eirs 1955 and 1956 aggregate $7 billion as compared to the lasl Truman budget which alone contemplated a $9 billion deficit. The cold fails are that for 21 years ■ *iit of the last 24 years we have spent mure than we have collected. In these 21 years we have balanced the budget in onlj three; and these were more In accident than by design. Wi- must recognize thai we have abandoned the sininil fiscal policies strictlj adhered to by all political parlies and all presidents for considerably more them ei century of our existence. It is true thai during these 21 deficit years we were' engaged in World War II for four years eunl iii the Korean War feer two w-;ir-. Vet. in the \ears when the pay-as-you-go system prevailed we also had quite a few wars. 11 is a quarter of a century of deficit -pen.ling which now makes balancing the budget so imperative. Young men anil women, born in 1930. have lived in the red virtually all their lives. Our ac- i cjiteinea- nf deficit spending for so long .i period has weakened public resistance In llu i-vils of ibis practice. Bad habits are hard to change. W ill the deficits become permanent and continue to pile debt upon debt until real disaster comes? If we cannot bal- einii' the budget in this day of our great- cst eleellar income, when taxes are near their peak and whin we are at peace, 1 ask. when can we? It is disturbing these days to hear some economists argue the budget should not be balanced ami lhat we should not begin to pay on the debt because, the) allege', it will adversely affect business conditions. Have we yielded so far t" the blandishments of federal subsidies eunl governmenl support thai we have forgotten our nation is great because of individual effort as contrasted to stale paternalism.' Today the direct debt of the federal government is $280 billion. Our debt is equivalent tn the full value of all th'' land, all the buildings, all thc mines, all llii' machinery, all the livestock -everything of tangible value in the United States. I think no one can eleny we are mortgaged to the hilt. If we add to this federal debt the debts of the states and localities, we have an eiiiinunl in eye ess ..I $300 billion In direcl public obligations. This i- five lime- ii- much ;is the total public debts in 19:59. While public elcl'l has increased fivefold since 1939 the gloss nelliolieil product lhe output "' our factories, farms, etc. increased less than fourfold. When debt increases :1' a pace faster than the increase in th' value of all gneuls and services, the cur i'iiia is diluted with consequent shrinkage in the purchasing power ot tl"' dollar. > i I'iiL'*' M FACTS FORUM NEWS, September, 1955
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