The Waterbury Democrat., 1944-12-20

formally introduced to Congress as new legislation. Instead, has been merely transmitted to Congress with out recommendation or commit ment, to stimulate discussion. It should do that, for the bill is revo- lutionary in character and goes far beyond anything yet presented.
 Its first objective is to provide full employment. Say that is 60 million jobs, the goal set by the President in his Chicago campaign speech.
 To provide 60 million jobs, sup pose it Is determined that the gross national product as the economists call it-meaning the total national production of goods and services must be 200 billion dollars a year. A NATIONAL BUDGET"
 With these two basic figures es- tablished, the bill would require the President to transmit to Congress on the first day of each regular ses- sion national budget" This na- tional budget is not the regular budget of the federal government but budget of the total national economy of private business plus state, local and federal governments.
 Now suppose the Presidents na- tional budget message for com- ing year should show the prospec- tive total gross national product at 170 billion dollars, made up of 120 billion dollars consumers expendi- lures, 20 billion dollars business cap- ital investments, 10 billion dollars state and local government expendi- lures and 20 billion dollars federal budget for war and navy depart mentS, debt retirement and other governmental expenditures
 This ITO billion dollar total would still be 30 billion dollars short of the 200 billions necessary to provide the 60 million jobs. The President would therefore be required to submit a plan for increasing the gross nation al product 30 billion dollars worth.
 He might propose that consumer expenditures be raised IS billion dol- lars a year by increasing minimum wages to 60 cents an hour; or that business capital investments be in- creased by 10 billion dollars by re- organizing and modernizing rail- roads; or that federal government outlays be increased by five billion dolalrs, three billions in the form of a Missouri Valley Authority, two billions in the form of federally f1n- anced housing development for which the government eventually would be reimbursed.
 TT WOULD GUIDE OUR
 FISCAL POLICY
 Whatever the Presidents pro- posalS, this would be budget for the national economy which would be transmitted to Congress as fiscal policy for the ensuing year. Congress might change it all around, pooh- -poohing the idea of 10 bil- lions for the railroads and putting it all in public works or another WPA. But Congress action would be the federal governments decision on what the national economy should be to kep the citimry employed and if possible, happy.
 It can be argued that this is the old idea of the 1930,s for "com- penSatory economy in which the federal government was supposed to borrow ana spend whatever sums were necessary to make up for bus mess depressions. It's a little more than that.
 This isn't new economy that is proposed, but a new politics. It pro- poses to raise private investments to the highest possible levels, figuring things out in advance to maintain on ceremonial economy.
 If a proposal of this kind were made by the executive department of the government it would probably be damned as more New Deal plan ming" state socialism, or worse. But as the idea originates in Congress, it has to be given more considera- tion than long-haired braintrust- erS' pipe dream gets.