Detroit evening times. (Detroit, Mich) 1921-1958, 1944-05-31
BEHIND
THE News
MaIlon
WASHINGTON, May 81

10 worry about postwar jobs.
A guiding line Of national
thought has been established IN
that direction. The President is
talking and Congress is acting
as If there may be widespread
unemployment, unless great
steps are taken. Stock markets
anticipate some kind OF depres-
sion.
Some large investors have
gotten out of the market in an
ticipation. The ClO is making
politics out of the situation,
educating the public TO believe
there will be no jobs for return
ing soldiers unless their man
gets into every office.
In some degree, all the front
page news of speeches and state
ments reflect this outlook-an
outlook which is strained and
fanciful when measured against
the provable, but not widely
recognized facts.
THE truth is bank deposits
l. have been rising lately at
the rate of $500. 100000 a week
cash in the hands of the peo-
pie is being stored at that amaz-
ing rate. The total of bank
deposits is now above S110.O0O,-
100000. In. addition there is
$4,000, 100000 yes. billions) OF
cash held outside the banks.
The amount of cash thus
stored by the people already IN
this war is above $3.50, 100000
600 good pend b e long
green money with no strings on
il. stack higher than the peo-
Pile ever held before, nearly two
and a half times as much as
they had in the big boom year
of 1929.
The dean of government econ
omnsts, T. A. Goldenweiser of
+ deral Reserve, said in a
speech TO the Illinois bankers
last week the unprecedented
rise in bank deposits" would
reach between SIPS ,000,000,000
and $150.0O0, 100000 by the end
of this year. He estimated war
expenditures to date at S210,-
600, 100000
NOV, in addition, the people
~ hold war bonds already
amounting TO more than So
900, 100000, bonds which can be
caShed for postwar spending.
Thus the amount of spend
able money and bonds in pri-
vate hands today amounts 10
more than 100000 900, 900,
practically the same amount as
the government has spent on
the war.
1t may be unbelievable but
il is true-the private purse to-
day already has swollen TO the
unprecedented fairness of the
government war cost so far, and
this trend will continue. 1t will
be $250,000,000,00O by the end
of the war.
AS every one knows, further
more, the people are short every
item of living. Together this
vast hoard of the peoples cash
and the equally vast backlog of
the peoples needs constitute an
irresistible force for amazing
business. Indeed, this force is
so great the problem is the OPP
posite of unemployment and
depression.
THE job ahead is TO keep
Il prices down, scarce mate
rails allocated equitably, and
buying orderly so as 10 avoid
A runaway imitation. In short,
instead of a government spend
ing program. there must be
peoples spending program, not
designed to get them to spend.
but 10 restrain them to orderly
spending.
Instead of their being any.
thing in the Go political claim
that there will be no jobs for
the soldiers unless their man is
elected, the truth is there is
danger of business bidding for
labor no matter who is elected
TO any office.
DUT they are counting the
- trees without even seeing
the woods. or the long green
leaves thereon, which prac-
tically reach up TO the sky.
What they only really see is
problem of a shift in employ
ment. technical problem of
readjustment under an irresisti-
BILE dynamic economic force
which bellies their worries.
There will be many women,
aged and other workers who
will want to retire from indus
trial field, and many soldiers
who will not desire their old
jobs back, but will want new
ones fully half will seek new
employment in my opinion.
The farm bow who has be-