Inflation, which is here, got a new aspect last week. The Commerce Department announced that national income in September had reached an annual rate of $92 billion, highest ever and 21% above 1940.

In themselves, the figures prove that money is circulating fast & furiously. But when they are compared with the Bureau of Labor's cost of living index, they become ominous (see chart). U.S. purchasing power (income divided by living costs) has soared since war's beginning, is higher than ever before. The widening gap between living costs and purchasing power is the "extra money" Treasury

Secretary Morgenthau is trying to...

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