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- Page Six - tremendously at the same time our tax systems and our uses of public credit. We have refined our systems of budgeting, capital outlay planning and other aspects of fiscal management. During the great depression of the 1930's and during the second World War we experimented boldly with the uses of fiscal and monetary policies for the control of economic processes. After the war, we ventured even more boldly upon the use of these policies for the promotion of economic growth, economic stability and full employment. On the negative side of our record, we have inadvertently separated in the minds of the people the notion of the beneficence of government expenditures from the notion of their costs in taxes. As a result, our people have come to demand more services of their government, while at the same time resisting the imposition of additional taxes necessary to finance them. Our government officials have been impelled by these conflicting pressures to finance government expenditures increasingly by loans, that is, largely by inflation which is worse than taxation; or else they have had to resort to forms of taxation which, though politically innocuous, are economically harmful. We have charged our federal government with the responsibility to apply flexible fiscal and monetary policies, without at the same time providing it with all the implements that would enable it to apply these policies with due speed and competence. In our educational activities and expenditures we have emphasized quantity of education to the sacrifice of quality. We seem to have transferred too much responsibility from the states to the federal government in certain spheres and not enough in others; and we have done little to correct the chaotic governmental organization of our metropolitan areas.
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