One of President Hoover's favorite statistics is the one which shows that 72¢ of every U. S. tax dollar goes for war, past and future. About 35¢ of this amount is applied to the Public Debt. Before the
War (1915), the U. S. Debt was stabilized at just above a billion dollars. The War with its military expenses, its loans to Allied governments, sent the Debt up to a peak of $26,596,701,648 on Aug. 31, 1919.
Last week Secretary of the Treasury Andrew William Mellon announced that the Debt is now down to $16,300,921,501. During 1929 the reduction had been $1,008,724,634.
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