before the next increase in the graded contributions takes effect in 1960, but the earlier deficit was due to over-optimistic calculations when Congress made changes in the Act in 1954 and 1956. As the Federal insurance agency has large sums in hand the whole system is not a burden on the taxpayer, but the deficit has aroused public misgivings and the Government has appointed an independent advisory council to review the long-range financial position. Its report will be no less eagerly read on this side of the Atlantic by all who are concerned that as far as possible the Welfare State should pay its way. Not very long ago a British Conservative Minister made light of what he termed 'Micawber Economics', implying that the last sixpence in the pound did not matter very much, but to think that we can ignore financial discipline, because eventually the State will provide, is a frame of mind which the City of London will continue to do everything in its power to correct.
Keyword(s):
The City
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