Federal Finances in the Coming Decade, Some Cumulative Possibilities, 1941-51

Federal Finances in the Coming Decade, Some Cumulative Possibilities, 1941-51

Federal Finances in the Coming Decade, Some Cumulative Possibilities, 1941-51

Federal Finances in the Coming Decade, Some Cumulative Possibilities, 1941-51

Excerpt

The material in this book was first developed for use in my course on fiscal policy at Columbia University. With the aid of a grant from the Columbia Council for Research in the Social Sciences, additional data were gathered and the material was prepared for publication. I am grateful to the Council for this help, and to my friends whose time and information I have drawn upon so extensively. Some of the observations made in the sections on borrowing, for which no specific source is given, reflect information obtained in discussion with officials in the savings bank, commercial bank, and insurance fields. Mr. George E. Lent was engaged throughout the study in checking the material, the approach used, and the reasoning involved, and has been very helpful in all these respects.

It may be an imposition on the reader to hand him a volume containing sets of figures some of which represent situations highly improbable, if not impossible, without at the same time venturing to say which combination is the most likely and attempting to prove it. But the chief aim in the present case is not outright prediction; it is instead the gaining of some sense of proportion, some sense of the size of the fiscal problem that is facing the United States. The problem is surely not too difficult to be solved with a reasonable degree of success -- but the solution, whatever it may turn out to be, will not be found unless the problem is approached with a full realization of its size and its complexity . . .

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