“For the fiscal year 1934, based on the appropriation bills passed by the last Congress and the estimated revenues, the deficit will probably exceed $1,000,000,000 unless immediate action is taken. Thus we shall have piled up an accumulated deficit of $5,000,000,00.
With the utmost seriousness I point out to the Congress the profound effect of this fact upon our national economy. It has contributed to the recent collapse of our banking structure. It has accentuated the stagnation of the economic life of our people. It has added to the ranks of the unemployed. Our government’s house is not in order and for many reasons no effective action has been taken to restore it to order.” Read more.
Roosevelt’s Message “Our House Is Not in Order”
Franklin D. Roosevelt
The Pittsburgh Press, March 10, 1933.
I recommend reading both the first page and page 10.
Image by Michal Marcol / FreeDigitalPhotos.net.