I was cleaning out an old desk that belonged to my late grandfather. In it I found a couple of old US Govt. War Bonds (Issue date 1943). This got me thinking-when did the US treasury finally pay off the debt of WWII? Are we still paying for it?
I don’t know much about government finance but lack of knowledge has never stopped me yet.
IIRC, the federal budget was balanced (or nearly so by today’s standards) in the late fifties. A balanced budget isn’t exactly the same thing as carrying no debt, but it indicates we weren’t rolling the old debt over from year to year. So I’d say the war was paid for whenever the bonds were retired.
I hope that they’ve been keeping current on the payments. I’d hate to see WWII get reposessed!
An infinite number of rednecks in an infinite number of pickup trucks shooting an infinite number of shotguns at an infinite number of road signs will eventually produce all the world’s great works of literature in Braille.
Okay, please enlighten this Gen-Xer, who has heard about Defense Bonds and Defense Stamps since birth, but still doesn’t know exactly what they were for.
Remember, I’m pulling for you; we’re all in this together.
—Red Green
This link may help you understand how war bonds and loans were used to finance WWII. It is a link to the advertising history behind the war bond campaign but explains how the monies were generated for the gov’t.
Thank you, UB!
Remember, I’m pulling for you; we’re all in this together.
—Red Green