FISCAL: Smallest Deficit

Fiscal 1938, dressed in lamb's clothing was last week ushered out by Secretary of the Treasury Henry Morgenthau Jr. in the role of beneficent shepherd. He was able to say that the Treasury's deficit for the year of 1,459 millions was: 1) only 371 millions larger than predicted; 2) the smallest deficit of Franklin Roosevelt's administration. He was able to show that the National Debt had risen only 740 millions* the smallest rise since 1931. He could say these things because of: 1) some real reductions in Government over-head at the start...

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