SEQUELS: Wisdom Disowned

A certain amount of unemployment, say from 3,000,000 to 5,000,000, is supportable. It is a good thing that job-seeking should go on at all times; this is healthy for the economic body.

This pronouncement by then-President Harry Truman was tossed off in a tradition-breaching exclusive interview that he gave New York Timesman Arthur Krock during the 1949-50 recession, and it had some cool-eyed economic truth in it. But last week, with the economy in a Republican recession (mid-March unemployment: 5,198,000), politically touchy Harry Truman publicly disowned his rare bit of economic wisdom.

Truman was appearing before the House Banking and Currency...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!