Last December Secretary Henry Morgenthau Jr., who eight years ago was an agriculturist but now talks economics with some assurance, hooked his pince-nez on his nose and looked a twelvemonth ahead. Prosperity, he told his economic experts in the Treasury, would be back in 1939. By prosperity he meant something much closer to 1937's $69 billion national income than to 1938's recession income of less than $65 billions. Last week, while Henry Morgenthau was waving out the old fiscal year, the Commerce Department issued its figures on national income for the first...
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