Word: budgeting
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What It Was About. The Labor Government of Ramsay MacDonald was faced last week with the almost impossible task of balancing a budget with a deficit of some $583,000,000* (TIME...
Britain's budget next year may be top-heavy to the extent of some $583,000,000 if drastic economies are not put into force. Congress has prepared to assume a $903,000,000 deficit for the U. S. this year, but Britain does things differently. It is one of Britain's greatest traditions that the budget must balance...
...George May were a politician he would know that this is a poor year to talk to British voters of budget retrenchments. But he is no vote-monger; he is an able financier, an insurance man. In the report which his committee presented was the blunt warning: "The nation cannot go on borrowing to meet its current requirements." He urged a budget slash of $469,370,000. Labor's Big Five studied the May report sourly last week, looking for some economies which could be put in force without costing political necks...
...Salary and dole reductions would merely aggravate the present situation by adding between 250,000 and 400,000 to the total of unemployed, and would produce a net reduction of only ?50,000,000 instead of the estimated ?120,000.000 deficit in the budget." Next suggestion was a program of Equal Sacrifices for All. All fixed income-bearing investments including municipal bonds were to be taxed 1%. As a "patriotic loan" the 5% Government War loan bonds were to be converted to 4% or 4½%. The total thus saved would be matched by an equivalent cut in Government salaries...
...John Simon (who resigned from the Liberal Party last month): "The report of the Economy Committee declares that to produce a properly balanced budget in 1932 a gap of £120,000,000 ($583,200,000) will have to be filled either by fresh taxation or economy...