ABSTRACT
Few problems of public policy arouse as much heat and disagreement as that of the management of the national debt. The contributors to this symposium are in substantial agreement that the problems are difficult and that the management of the national debt interferes with the adjustment of the supply of money to the amount required for a well functioning economy. With the growth of national debt, the country has accumulated liquid assets which create a problem in inflationary periods but serve as a buffer against excessive declines in depression. The Committee on Public Debt Policy has made many wise statements about the national debt. Despite its concern for the repayment of debt–and surely 1945–1948 were years to repay debt–the committee is strangely silent about the tax reduction program, and in fact urges further cuts in taxes. As might be expected, the committee urges economy in government.
