FISCAL: Downing the Debt

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.


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!