Abstract
In recent years the American economy has found itself faced with heavy budget deficits. The depression of 1957-1988 resulted in a drastic reduction of revenue from taxation. In the fiscal year 1958-1959 receipts from taxation were some six billion dollars short of expectations. At the same time the unceasing armament race led to a fresh increase of the already burdensome military expenditures. Compared with 1957-1958, federal military appropriations for 1958-1959 were up by about two billion dollars. Expenditures on the so-called anti-depression measures also increased. As a result the US budget deficit, equal in 1957-1958 to 2.8 billion dollars, jumped to 12.5 billion dollars in 1958- 1959. This was a figure unprecedented throughout the post-war period, including even the period of the Korean war.
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