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...
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