Abstract

Editorials

The budget for 1952-53 submitted by the President to Congress on January 21, 1952 takes the U.S. still farther into the financial stratosphere. Expenditure is set down at $85,400,000,000, about two-and-a-half times Great Britain's total national income. Revenue is estimated at $71,000,000,000 on the basis of present taxes, so that although this sum exceeds any war-time tax bill, people still face a prospective deficit of $14,400,000,000. Of the proposed total expenditure $65,100,000,000, or about 76 percent, represents the cost of the major security program, including foreign aid and atomic development. All other government functions, including some defense-connected projects, will take $20,300,000,000, almost a billion dollars less than in the current fiscal year.