FINDINGS AND RECOMMENDATIONS OF THE
COMMITTEE ON DEBT ADJUSTMENT
THE DEBTS which American individuals, business concerns, and government bodies owe to each other run into huge totals. The bonded debt of corporations was about $50 billion last year; securities of government bodies, $53 billion; mortgages, about $35 billion; short-term debts owed to banks and corporations, probably $30 billion; deposits of commercial banks and mutual savings banks, $40 billion1. and $10 billion respectively; the cash values of life insurance policies, $20 billion; and the withdrawable shares of building and loan associations, $4 billion to $5 billion. Items which cannot be effectively measured would add several billion more.2. A total of the items just listed, with allowance for debts not measurable, would exceed $250 billion.
It is tempting to try to measure the burden of debt on our____________________