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Updated: May 5, 2025
I anticipate that net expenditures of the Export-Import Bank and expenditures arising from the British credit and the Bretton Woods Agreements will amount to 2,614 million dollars, including the noncash item of 950 million dollars for the fund, in the fiscal year 1946, and 2,754 million dollars in the fiscal year 1947.
Financing World War II left us with a tremendous public debt, which reached 279 billion dollars at its peak in February, 1946. Beginning in July, 1946, when war and reconversion financing had ended, we have held quite closely to the sound standard that in times of high employment and high national income, the Federal Budget should be balanced and the debt reduced.
The bulk of the expenditures from the loans already granted will fall in the fiscal year 1946 while the bulk of the expenditures from loans yet to be negotiated will fall in the fiscal year 1947. In view of the urgent need for the Bank's credit, I may find it necessary to request a further increase in its lending authority at a later date.
The third major policy is also of great importance to the national economy: an aggressive program to encourage housing construction. The first federal program to relieve the veterans' housing shortage was announced in February 1946. In 1946 one million family housing units have been put under construction and more than 665,000 units have already been completed.
In addition, there are unused tonnage authorizations for construction of naval vessels now valued at 5.4 billion dollars. In September 1945, I suggested that this authority be reviewed by the appropriate committees of the Congress, and the Congress has moved to bar construction under these authorizations during the remainder of the fiscal year 1946.
By the end of the summer of 1946 the reports were widespread, coming from Denmark, Norway, Spain, Greece, French Morocco, Portugal, and Turkey. In 1947, after no definite conclusions as to identity of the "rockets" had been established, the reports died out. Now in early January 1948 they broke out again.
Thus, after a long period of increasing public debt resulting from depression budgets and war budgets, it is anticipated that no increase in the Federal debt will be required next year. Fiscal year Expenditures: 1946 1947 Defense, war, and war liquidation $49,000 $15,000 Aftermath of war: Veterans, interest, refunds 10,813 10,793 Other activities 4,552 5,813
We have already determined that the Philippine Islands are to be independent on July 4, 1946. The ravages of war and enemy occupation, however, have placed a heavy responsibility upon the United States. I urge that the Congress complete, as promptly and as generously as may be possible, legislation which will aid economic rehabilitation for the Philippines.
In the fiscal year that ended on June 30, 1945, almost wholly a period of global warfare, war expenditures amounted to 90.5 billion dollars. For the fiscal year 1946 war expenditures were originally estimated at 70 billion dollars. That estimate was made a year ago while we were still engaged in global warfare. After victory over Japan this estimate was revised to 50.5 billion dollars.
In 1767, according to an official return in the archives of Nova Scotia, the total population of what are now the provinces of Nova Scotia, New Brunswick, and Prince Edward Island, reached 13,374 souls; of whom 6913 are given as Americans, 912 as English, 2165 as Irish, 1946 as Germans, and 1265 as Acadian French, the latter being probably a low estimate.
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