Askov American., 1943-08-19
$1,000 Per Capita
That Will be the National
War Debt w h en- 1t
Reaches the Estimated
800 Billion Dollars. In
terest Alone at 2 Per
Cent Will Be 5 4 6
Annually to Every Man,
Woman and Child.

We used to talk in terms of mil
hons of dollars with reference to
national budgets, revenues and debts
before the first World war. Then we
went into the billions, but now, in
this war, we are in the hundreds of
billions. The figures are so huge that
they are difficult to comprehend.
Up to the close of the fiscal year
m July l, 1943, the national debt
vas 1877 billion dollars. That has
rsen since, in the course of a few
weeks, to 148 billion.
The estimated national ex-
penditure for the fiscal year to
end June 30, 1914, is LOG billion
dollars. Of that amount 81 billion
will be spent directly on war,
nearly 3 billion for interest, near
H billion for veterans pen
siOns and benefits, and the bal
ance, billion dollars, on other
federal expenses.
From the estimated expenditure of
I06 billion can be deducted some 81
or 38 billion, collected in taxes and
from other income, leaving an in
creased Indebtedness for the 1914
fiscal year of SO billion. That added
to the 1943 debt of 1877 billion will
make for net total national debt
of 206 billion dollars on July l, 1914.
There can be little doubt of a debt
over 200 billion next July l. The CAL
eulations are that the national debt
will mount above 800 billion before
the end of the war
Bringing the figure closer to home,
let us see what it looks like. Mime
sofa is one of the 48 states and about
the average in population. The
eventual 800 billion-dollar national
debt therefore amounts to over 6 bill
lion to Minnesota. That is about
$1,000 to every man, woman and
child. The national debt, therefore,
will average 500 to family of
five.
Minnesota's state debt is now
approximately 100000, 900. Min
nesota's share of the national debt
will be S6,000,0OO,0 600 when the
war is over, maybe more. In
other words, our share Of the
national debt will be so times
that of our state debt.
There was CONSERVATION when our
state debt went above the 100 mil
lion mark, and well there might be
for it carries an annual interest bur-
den. But think of our share of the
federal debt being 60 times that of
he state debt!
The interest alone, at per cent, is
bill of billion dollars annually to
the nation on debt of 800 billion.
That is SAG to every man, woman and
child.
The interest on the national debt
to Minnesota will be $128,000, 900.
That is more interest money to be
paid out each year than is represent
ed in our entire state debt accumu-
lated over many years of statehood.
The debt is enormous viewed from
the nation as whole, reduced to a
states share, or figured down to a
per capita basis. Never before have
We witnessed such government fin
znce figures. The worry in the past
las been over local Indebtedness in
he school districts, townships, viii
hgS,, cities, and counties, but now
that concern has certainly turned to
the federal government, of which
every individual is part.
1t has been said that the debt
will be internal, the United
states will not be owing other
countries. If, when the war is
sver, each and every individual
held government bonds to the ex-
tent of $4,000 it would be an easy
matter to square the account and
settle the debt. The bonds could
simply be wiped out and the debt
with it.
But everybody knows that the
bonds are not so evenly distributed
and therefore the debt is not wiped
out simply by stroke of the pen.
Government debt is paid through tax
alton and it will not be missing the
mark far to say that on the average