JOHNSON SLASHES DEFICIT ESTIMATEThe national debt was $316 billion in 1964 (nominal dollars). That is equivalent to $5.2 trillion today (adjusting for inflation and population).
EDWIN L. DALE Jr.
Special to The New York Times
JAN. 7, 1964WASHINGTON, Jan. 6—President Johnson's budget will project a deficit of $6 billion to $7 billion, far less than had previously been expected, it was reliably reported today.
As recently as a month ago a deficit as high as $10 billion had seemed likely. Both figures allow for the effect of the proposed tax cut.
Two things have changed the picture. One is the President's success in reducing the spending figure in the budget from about $103 billion to about $100 billion. The other is a surge in receipts at the end of last year, which has led to an increase in the projection of receipts in the next budget.
Instead of about $92 billion, receipts are now reportedly estimated nearer to $94 billion, using the same conservative estimating procedures always employed.
That was JFK’s left over budget, before lbj started his disastorus great society. JFK would be to the right of President Trump today.
In 1961, I was a young lad, and $20 worth of groceries were too much for me to carry in 2 hands! Gallon of milk was 59 cents.