The supply-side effect of a restrictive monetary policy, moreover, is likely to be perverse. High interest rates enter into costs and thus exert inflationary pressure, as well as inhibiting the expansion of capacity or the introduction of cost -reducing capital improvements.

Nearly all educational expenditure should be considered a capital outlay. Education provides a future return in the form of enhanced taxable income and an enhanced quality of life.

Increasingly prices are set by sellers to raise their prices without a loss of sales sufficient to wipe out the gain.

The insane pursuit of the holy grail of a balanced budget in the end is going to drive the economy into a depression.

Balancing a nominal budget will solve nothing, and attempting to achieve such a spurious balance will produce much mischief.

There is no real justification for a requirement that a budget of any sort should be balanced, except as a rallying point for those who seek to hamstring government.

There is no reason inherent in the real resources available to us why we cannot move rapidly within the next two or three years to a state of genuine full employment.