Democratic National Campaign Committee Don't be fooled by figures

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Don't Be Fooled by Figures

I. SPENDING UNDER REPUBLICANS

Under Hoover the national debt rose 3 1/2 billion (net). In the last 2 1/4 years the gross debt increased nearly 5 billions. Yearly Deficits Were 59 Per Cent in 1932; 46 Per Cent in 1933

WHAT DID PRESIDENT HOOVER BUY?

A six-billion-dollar loss in farm income, bank failures, foreclosed homes, shut-down factories, government bonds at low levels, national panic. The depression was bought and the people sold.

Our Yearly National Income Dropped 40 Billion Our Federal Revenue Fell 2 Billion

THIS WAS REPUBLICAN PROSPERITY

II. SPENDING UNDER DEMOCRATS

Under President Roosevelt the gross national debt has increased about thirteen billion (including the 2 billion bonus). Against this, however, the Government has 2 billion in gold profit, a 2 billion increase in the General Treasury Fund, and another 2 billion investment in bank stocks, loans and other repayable assets so that the net increase is cut down to 7 billion. It costs less to carry this heavier debt because easier credit and able treasury financing have saved approximately 1 per cent in interest rates.

Yearly Deficits Were 56 Per Cent of Expenditures in 1934; 48 Per Cent in 1935

WHAT HAS PRESIDENT ROOSEVELT BOUGHT

A 1935 gross farm income of over 8 billion- a 2.8 billion rise since 1932
Reemployment of 5 million workers. A payroll gain of 59 per cent since 1933.
The highest volume of industrial production since 1930.
Less than 50 banks failures in 1935 compared with more than 1,400 in 1932
1936 dividends at a 5-year peak.
Government bonds at their top prices, the best test of treasury soundness.

Our National Income, as Estimated for 1936, Will Have Grown Some 21 Billion in 4 Years Federal Revenues Are Running More Than Double the Receipts in 1933

THIS IS DEMOCRATIC PROSPERITY

III. BALANCING THE BUDGET

When President Roosevelt took office he faced a grave national crisis. He could stand on his platform and cut expenditures. Or he could draw heavily on government funds to feed the starving and aid banks and business. He chose the latter course as the only road to recovery. If the Government could shoulder a war debt of 25 billion to save Europe, President Roosevelt felt that it must use its credit even more freely to save its suffering people in a national catastrophe. Had government help come sooner and on a more adequate scale, it would have taken less spending and lending to stop the depression.

ORDINARY EXPENSES MET

In no fiscal year have the ordinary expenses of government under President Roosevelt exceeded revenues. Increases have been caused by farm aid, new construction and additions to regular recurring items such as veterans' benefits, pensions, national defense and the like.

EMERGENCIES BROUGHT RISE

RELIEF is the great human cost which has fun up government expenses. As good times return, this item is being lowered

DECREASING THE DEFICIT

President Roosevelt's program calls for a steadily decreasing deficit each year. In 1935 the deficit was 400 million less than in 1934; had it not been for the soldiers' bonus and the loss of AAA taxes, the deficit would have declined again in the fiscal year 1936. For 1937 there will be a drop below 1936, as estimated by the Treasury, of over 3 billion (to $2,675,700,000)

The gross national debt per capita was $250 after the war. Today it is $225 (including a bonus charge of over #15 apiece). We reduced the debt then. We can do it again.

The First Step to Reduce NATIONAL Debt is to Lighten PERSONAL Debt

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DEMOCRATIC NATIONAL CAMPAIGN COMMITTEE