THE ECONOMY: Crystal Ball

The Brookings Institution's President Harold G. Moulton took a look at prospects for 1949 and liked what he saw: "A well-sustained level of national production and employment; a moderate decline in the cost of living; continued but abortive efforts at credit control; an expansion of Government expenditures for social and defense programs; [and] higher wages." Farm prospects would be dimmed by "a further decline in agricultural prices," and corporations would face increased taxes. But an increase in crops might prevent any real drop in farm incomes, said Moulton, and lower farm prices would "afford real relief for those on...

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