The Federal tax Income is below spending by many millions per day. Currently there are nearly 4.750.000 Americans unemployed. which will be augmented by hundreds of thousands of springtime graduates from schools and colleges as they. too. seek a place in the labor and production forces of our country. On top of this. 300.000 refugees will be given priority in jobs over American citizens. We further find that bankruptcy cases of all kinds have risen from 10.196 in 1946 to 26.021 in 1949 and the Department of Commerce estimates that this number will continue to rise to between 32.000 and 34.000 for 1950. to ultimately reach 70.000 per year. The Commerce Department also reports over twenty billions in installment buying showing that Americans are following the Government example into deficit spending and financing.
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