THE PRESIDENCY: Micawber's Masquerade

What the U.S. Government could afford to spend would depend, finally, upon what the U.S. earned. If good times were ahead, taxes would roll in and even the present high cost of government would be bearable. Before his budget went to Congress, Harry Truman sent up his economic report (required by the Employment Act of 1946) as background material.

The President was emphatic on one point: allowing for "minor detours and bumps in the road ahead . . . economic collapse and stagnation such as started in 1929 ... need not happen again,...

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