The Wilmington morning star., 1943-12-03
And Boom
Bx PETER EDISON

called it a psychological depression Busl-
ness was going to he'll in hack, but still
everybody felt just dandy.
Today, the situation is just the opposite.
If you analyze the statistics, business has
never been better . never. Yet so many
people are complaining that they feel terrible.
What is this anyway? Is it another psych-
illogical depression? Ar expert in semantcs
would probably have hard time giving it
name. DR.. Amos Taylor, director of the
Bureau of Foreign and Domestic Commerce,
perhaps comes close to naming it when he
says that while we are not in psychological
depression we are in a depression psychol-
ogy." He hastens to qualify that nomencla-
ture for the present period, However by say
ing that isn't exactly accurate. But for lack
of better name and for the purposes of
this piece it will have to do
Accepting the present state o. affairs as
depression psychology what is it? 1t is a
psychological paradox-the paradox OF depres-
sion in the midst of prosperity.
CHEERFUL PICTURE
Comparing September 1913 index numbers
the latest available, with those of Septem-
Der, 1912, few key figures, the basis Of
the 1935-1939 average being go, look some
thing like this:
Income payments, 215 as against 178. In
money, it's S125 billion against sos billion.
In September, 1889, it was Sc billion.
Income from farm marketings, 292 against
26O. In money it's So billion against SIT bill
lion. In September, 1889, the index was 49,,
the cash value $500 million.
Industrial production. 247 against 213 In
September, 1889, it was 119.
Savings of individuals for the year are esti-
mated at S36 billion as against $3.50 billion
last year.
Unemployment is down to 100000 as against
IT million a year ago. In September, 1889,
it was nine million.
Industrial failures down to 124 for Sep
TENDER, 1913 as against 556 for September
a year ago, though that figure may be mis-
leading in that it covers only the cases get
ting into court, and not the voluntary liquida-
tions of small businessmen VINO may have
quietly folded up and gene into the Army.
Building activity, however is way off, only
1854 million worth OF new construction in
September this year, agains. STA billion a
year ago. The retail automobile business is
shot by war restrictions. The newspapers
can't get enough paper for all the advertising
they could sell and all the news they could
print. These are bad spots, regionaly But
by and large, everything points to the exist
ence of first-cass boom.
MONEY VS.. MELANCHOLY
Still, nearly everyone feels terrible, even
if he is making more worklnn more, saving
ulOIe, oPeLuIIlS more tEdr ne eve. Ildo OSioA C.
How come? What's the psychology OF 1t?
Maybe you have your own explanation OF It,
A lot of it may be the psychology OF petty
annoyance over not being able to set as much
fllet m1gnon, as much gasoline, as mucn WINS
ky as you can now afford That the United
States has escaped the major annoyances OF
invasion and bombing and famine cuts no ice
Maybe fear contributes TO it uncertainty
on postwar employment. general suspicion
that maybe this whole wartime BOOM oelng
financed on borrowed money Will coAapse
completely when the wa is over. rear OF
the threat of initiation oE and greater rear
of a postwar initiation later
Maybe restless desire fol cnange' porn
of energies pent-up bv war restrictions. 1t
might lead away from liberalism towards
conservatism, away from internatlonahsm TO-
wards greater nationalism. ~,
Whatever it's underlying reasons, tnls oe-
preston psychology, this paradoxleal prosper yer
ity or whatever you want TO can ~ 80 s .le
most important political and economic iactor
in the country today. This psychology coulo
easily swing the next election