Quote by Bruce Barton
In his first years in the White House, Mr. Roosevelt apologized for each annual deficit. Each new budget message explained that, because of unforeseen circumstances, the promise of the previous year had not been met, but next year things would be better; next year there would be a balanced budget. The 1938 congressional elections were uncomfortably near at hand. it was announced that the President would deliver a Fireside Chat. In it our startled ears caught the opening accents of a grand new liturgy. Spending would be resumed, but let not the heart be troubled. Spending was no longer the rock of unsound finance on which so many liberal governments had been wrecked; it was not danger, but security. Debt, if owed to ourselves, was not debt but investment.
Summary
This quote highlights Franklin D. Roosevelt's shift in economic policy during his early years as President. Initially, he apologized for each annual deficit and promised a balanced budget, attributing the failure to unforeseen circumstances. However, with the 1938 congressional elections approaching, he changed his tone. In a Fireside Chat, he introduced a new narrative where spending would be resumed, but it should not cause concern. Roosevelt presented spending as a means of ensuring security instead of unsound finance, arguing that debt owed to ourselves was not a burden but an investment. This marked a shift in perception and justification of government spending.
By Bruce Barton
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