FISCAL: How The Money Rolls Out

Under the anesthetic of defense need, the U.S. taxpayer—who scarcely groaned as the Congress prepared to open him up and extract new taxes—gave only a brief convulsive twitch last week when he was told the fiscal year-end figures. In any other year those figures would have given him heart failure.

The figures were terrific, in any perspective but 1941's. In the 1940-41 fiscal year the Government spent $12,710,000,000—$3,712,000,000 more than in the preceding fiscal year. The year's revenues were the greatest in history: $7,607,000,000. The year's deficit was the third greatest in history: $5,103,000,000 (greater: 1918's $9,033,000,000; greatest: 1919's $13,370,000,000)....

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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