"For the country as a whole, the amount of money tied up in tax-exempt securities was estimated to be three times as large as the federal government's expenditures and more than half as large as the national debt.
In short, huge amounts of money were not being invested in productive capacity, such as factories or power plants, but was instead being made available for local political boondoggles, because this money was put into tax-exempt state and local bonds."
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