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or moreV In my opinion, a more easily understood gauge on the current increase in public spending is the increase in the interest on the public debt. As Members of Congress well know, we do not annually budget that interest, but each year merely appropriate enough to pay it. “I, of course, consider what has happened in recent years in terms of government spending when I was elected to the House of Representatives in 1932. That year, the total expenditures of the government were less than one-third of the present interest on the public debt. In 1932, the interest on the public debt was $599,277,000. The biggest jump came during World War II, but it has been steadily rising ever since. Economists are agreed that the current boom is the longest sustained period of prosperity in this century and it has carried both the Gross National Product and the national produced income to aK-time highs, and yet, during that period, interest on the national debt has steadily increased simply because Congress has been spending more than the total revenue, and passing the remainder on to generations yet unborn in the form of a national debt that will soon reach $325 billion.”
Figures on the interest follow;
INTEREST ON THE PUBLIC DEB1932
1961 1962 1963 1964 ’65 (eat.) ’66 (eat.) 1/ P. 513
retary
1962.
2/ $ 8,957,000,000
1/ $599,277,09
9.120.000. 000
9.895.000. 000
10,666,000,000
11,200,000,000
11,500,000,000
Annual Report of the
of the Treasury for fis<
loot
102t
not
119«
125*
128*
2/ P. 515, Annual Report of the Secretary
of the Treasury for fiscal
1962. 3/U.S. Budget for fiscal 1965.
_
85.5%