Saturday, May 12, 2012
1955: Government Finances
In 1955, we see the federal government running a slight deficit -- were at $4.2 billion dollars. However, federal expenditures were clearly dropping, from 74.3 billion in 1953 to $64.6 billion in 1955. This was largely due to the end of the Korean war. Also note the decrease in receipts, even though we see increased prosperity. As noted by the ERP
Interestingly enough, the Federal Reserve reported a net increase in cash receipts for the year:
Regardless of the correct figure, what is important in these numbers is the federal government seemed to have a far more responsible attitude about their fiduciary responsibilities.