FISCAL: Over the Top

Two figures of a BILLION DOLLARS

made big black headlines in the news last week. One was the size of the Treasury deficit. The other was the amount of soldier Bonus loans. Though their connection was indirect, they went over the top into ten figures within a few hours of each other.

Under the new 50% loan law, Bonus payments reached $1,090,137,402 and more by Memorial Day. Out of every two soldiers in the Wartime army (1,959,000) one and a fraction had borrowed on their certificates. According to a survey made for President Hoover,...

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