Deficit Spending and the National Income

Deficit Spending and the National Income

Deficit Spending and the National Income

Deficit Spending and the National Income

Excerpt

Among the remedies that have been advocated for the depression with which we have been struggling since 1929 none has received greater attention than deficit spending. The subject of this volume, therefore, requires no justification. In fact, present defense expenditure, which toward the end of 1940 brought a deficit in excess of the peak reached with the prepayment of the bonus in 1936, has given renewed importance to the discussion of the effects of deficit spending. It is my hope that this volume will contribute to the determination of these effects, as it attempts to make clear just what results are to be expected from deficit spending under various sets of circumstances, and so should aid in appraising the probable influence of current defense spending upon the American economy. Such an appraisal, however, is not undertaken in this volume; instead it is devoted to a discussion of the effects of deficit spending in the decade which began with the stock market crash in 1929 and ended with the first substantial repercussions of the European war upon the United States toward the end of 1939. By concluding the discussion before defense spending became important the volume confines itself to a . . .

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