Luxuries--Just Luxuries

Last week even the President took notice of one of the most incongruous and politically uncomfortable facts in the U.S. war economy.

Despite all talk of belt tightening and return to depression living, the U.S. will celebrate its first year of war and its second wartime Christmas with one of the biggest buying sprees in its history.

Retail sales for October (see chart, p. 84) were running above sales for the same month last year even after price advances were discounted. Total dollar volume for the year may reach $56 billions as against the...

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