PUBLIC WORKS SPENDING
INCREASING THE NATIONAL INCOME. Money borrowed by the Government and spent for public works can be figured as increasing the national income in the sense that it buys materials and pays wages, says the “Christian Science Monitor.” It may act as a substitute for some of the money private enterprise is afraid to spend. For a short time and in an emergency such pushing of funds from bank vaults into active employment can be supported by sound economic reasons. But itj cannot be so supported as a continuing policy, for the public debt gets out of hand and inflation comes. Also, there are always grave political difficulties in stopping such a course. The United States is experiencing them today. And such a course hides the fact that in the end national income is the amount of goods and services produced and used, That is the essential fact that must be kept always in mind. That is the kind of increase in national income the United States most needs today.
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Wairarapa Times-Age, 20 August 1938, Page 6
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172PUBLIC WORKS SPENDING Wairarapa Times-Age, 20 August 1938, Page 6
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