The Daily Alaska empire., 1945-07-31
Americas White Paper
(St. Louis Star -Timesl

(St. Louis Star Tmes) War Mobzer Vinson's master blue print" for American peacetime economy basically sound that
 if we stagger into postwar depression it will not be because better way not shown us. Vinson calls fundamentally for high production level attained by series of designed to preserve and ex- pand consumer purchasing power. Inherent in his program is the idea of full employment. There many who fear full employment will not work There is way of knowing that it will work until it is tried, but those who fear to make the attempt would in effect condemn this country to a progressive decline in it's present inflated income to level that would fail to produce prosperity and which might bring about a return to depression levels.
 We at boom prosperity level of $200 900 000 Economists generally have set an
 income of about s15OOOoO oOOO0Oo if to have the economic activity necessary to cope with our war
 indebtedness and to disarm social and economic dis contents.
 Vinson is out in support of s150,OOO,OO0,00O. The greatest blow struck free enterprise struck by the monopostic, scarcity economy that burgeoned in the 20s in the absence of adequate protection for consumer purchasing power.
 Vinson therefore proposes to provide his pro-
 lection through advances in social security safeguards for the wage level vigilance against monopolies banding foreign trade and the use of government financed public works to supplement private invest ment.
 In essence this simply means that the government takes some responsibility for keeping the economy going
 Unfortunately there is tinge of the political in one of Vinsons recommendations. His proposal that the Little Steel formula should be preached in some instances to compensate for the elimination of time is open to grave objections economic grounds Overtime pay is less inflationary in than is any other kind of pay. It was not as dangerous as it might have been, however long as it money expended to compensate for longer hours of work. That means that there production offset to cushion the impact of increased earning power With the elimination of that extra volume of produc tion however, this ncrease of income added to the than S200 0O0 900 900 of stored up pur chasing power could be dsastrously nflatonary The first act of the should not be to bolster inflated wage scale but to attack the problem from the price angle by increasing production encouraging competition and snoring up wage minimums
 In the main however, business, for all it's under standable apprehension about unions and structure, prospers during hgh-evel production.
 The Vinson plan is substantially that backed by the British Tories It is that of economy of plenty instead of scarcity with the government fulfilling the role of fywheel to keep the nnumerable wheels of private enterprise going
 It offers a better bet for the future than the economy of the past It could be made to work and to give all of stake in preserving way of life. But it would require the intelligent co-opera- ton of labor, management and government and non-political spirit in it's administration