FISCAL: How the Money Rolls Out

In deep red ink, the U.S. Government wrote finis to another fiscal year. The Treasury Department announced that: 1) $78 billion had been spent, ten times the average annual outlay of the New Deal's palmiest spending days; 2) though revenues were $22 billion, up four times the prewar average, the Federal debt had jumped from $40 billion (1939) to $137 billion. Economists who once cried "Wolf" at $8 billion F.D.R. budgets had no words left now to report their horror at the ever-widening gap ($56 billion in fiscal 1943) between what the U.S. Government took in and what it spent....

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!