National Affairs: The Expanding Economy

It was good New Deal doctrine, back in the early '30s, that the U.S. industrial plant was built or overbuilt, that the last frontier had been reached, and that the nation had better resign itself to doing the best it could in a "mature economy." In 1932, Franklin D. Roosevelt defined the problem as "administering resources and plants already in hand." All this was formally reversed last week by Harry Truman.

Warm Words. In his annual economic report to Congress, following his State of the Union message, Harry Truman drew his blueprint for the "expanding economy." The report conjured up a picture...

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