The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1931-04-23
rv HARRY CANNES.

NE are approaching the second May Day to
w take place in the midst of the worst eco
nomic crisis in world capitalist history. The
bosses had hoped they could look forward to May
Dav with their system on the mend. But in
stead there is a new downward break A black
thread runs through all the capitalist stories on
the economic situation No matter how optinlis-
tic the headlines, no matter how bountifm the
promises Of the bosses, they are not enough to
cover up the mounting facts of continued sharp
er crisis.
To the capitalists the crisis and its ternnina-
ton is more or less of mathematical PROPOSE
ton. They accept capitalism as amending, and
therefore it is a inter of time when the crisis
should end and prosperity" return at a higher
scale than ever. Their economists put the course
of the crisis at an average Of IA months. We
are now in the goth month of the present crisis
with every indication for the continuation of the
crisis greater than in the first few months of
the crisis.
Nearly every capitalist politician, economist,
banker and industrial nagnate at some time or
other has tried his hand at predicting the end
of the crisis We remember the fate of HooverS
60-day promise just before last May Day. AL
have Jared as miserably.
This fate of having the facts of the crisis
smash optimistic predictions was not reserved to
individual capitalists but took the bottom out of
the regulations" of the leading institutions of
economic wizardry Of he capitalists.
Last year the Harvard Economic Society had
the crisis ended three or four times, in heavily
documented volumes. The United States Cham
Der OF Commerce wrote the death-sentence of
the crisis no less than a dozen times The Ma
toni Industrial Conference Board was sure the
crisis would end this spring. Roger Babson, In
corporated, couldn't see how the crisis could
possibly last beyond last fall
What are the facts today? There was a slight
spring seasonal upturn in some industries Cbut
this was below the upturn of 1890; and that
has ended with a crash. Every basic industry is
heading downward.
Steel production is going down below so per
cent Of capacity. Automobile output is lower
than last year-and sales are far below produc-
ton, indicating further oyerproduction. Electrical
output is down sharply. Exports and imports
ceaselessly turn downward and freight-car load
ings make the capitalists look sick every time
they read the latest figures On top of it all,
the stock market has had new sinking spell;
prices are being dragged to the pre-war level
All these facts lead the thirty-second monthly
report of the Conference of Statisticians in In
dustry made on April 81, 193D to state that the
improvement in March (which was less than
expected to have been checked in April" So
much they say and nothing more.
But Keynes. the British economist, who adj
mitted that the capitalists are unable to explain
the nature and course of the crisis, tells us in
recent radio speech that the crisis will last at
least five years and that even after that the
face of the capitalist world will not look as pros
porous as it did before the great smash.
Did the seasonal upturn benefit the workers
in the form Of greater employment? Not at all.
The Conference of Statisticians in Industry who
informed us that March was the high point of
the spring uptrn merely added O8 per cent to
the total payrolls of the country which means
That the workers employed on part-tine worked
about 10 minutes more each week for March. In
many basic industries thousands we're thrown
out of work
We viii now see new stream of unemployed
joining the 100000 on the streets waiting