THE POSTWAR FEDERAL BUDGET
THE postwar level of federal expenditures will depend largely upon factors that cannot be accurately predicted. Uncertain factors include international developments affecting our requirements for national defense, the postwar price level, the proportion of unemployed workers in the labor force, and the course of political action in this country in regard to various economic affairs. Nonetheless, we must have some idea of the magnitude of postwar expenditures if we are to formulate tax policy.
Since two careful efforts to forecast postwar federal expenditures have already been made, we draw upon their conclusions. The first of these by William Leonard Crum, under the auspices of the Conference on Research in Fiscal Policy of the National Bureau of Economic Research,1 approached the subject with the objective of predicting those expenditures which will (whether or not they should) be incurred during the postwar decade. The other, by The Twentieth Century Fund,2 predicted the "minimum needs for public service. . . . to keep our economy and society in running order" for 1950 and 1960.3____________________