U.S. federal spending was cut by 5% in the year through July 1960 compared to the year earlier, and cut by 10% during a previous two-year period (1954-1955), but the biggest cut came with the “demobilization” after World War II. Total federal spending was slashed from a peak of $93 billion in 1945 to $55 billion in 1946, $35 billion in 1947 and $30 billion in 1948, before rising again.Contrast this with Spiropoulos' argument that the government needs more money so it will know how well it's spending our money.
The total, three-year reduction in federal outlays after World War II (1945-1948) was 68% of the prior peak spending level.
Yeah, right. I guess that "stimulus" argument just isn't working any more, is it, Professor?