In 1938 he began to give evidence of his growing importance. In that year he put forward a plan to solve railroad troubles by a lease-lend procedure through which the railroads would get equipment in much the same way that Britain gets war goods under the Lease—Lend Bill. In that same year, he wrote an "influential memorandum" on the causes of the recession in which he discussed, among other things, Social Security taxes, and pointed out that compensatory Federal spending to stimulate heavy industry might be more flexible if concentrated outside the regular budget. | In 1938 he began to give evidence of his growing importance. In that year he put forward a plan to solve railroad troubles by a lease-lend procedure through which the railroads would get equipment in much the same way that Britain gets war goods under the Lease—Lend Bill. In that same year, he wrote an "influential memorandum" on the causes of the recession in which he discussed, among other things, Social Security taxes, and pointed out that compensatory Federal spending to stimulate heavy industry might be more flexible if concentrated outside the regular budget. |