Evening star., 1947-06-17

third or fourth wheat former is vitullY dependent
on wheat exports. a shu1p drop In exports will
directly affect the jobs and income Of all Amer
icun workers. formers and business men.
The Wall Street Journal recently tpaged the grow
ing dollar shortage abroad which threatens to turn
into dollar famine by the end of the year The article
states:
"It's (dollar) famine that will hit the American
business man hard. us exports currently equal
nearly 1919 of national income -. the top 1919
that could mean the difference between prosper
ity and trouble Ready world markets had been
counted on to take up the slack as industry's pro-
ducton catches up with domestic demand
an plain language, the so-caed dollar shortage
means that foreign nations are not producing and
selling to the US. enough goods to pay for us.
goods shipped abroad In short exports are siphon-
ing American dollars out of world markets faster
than we pump them back by buying abroad. This
is the substance of series of foreign economic
surveys being prepared for the White House by
the State, Treasury and Commerce Department.
This year the experts figure that the United
States will export SIS billion of American mer-
chandise 1t will buy only about 81 billion Of
foreign goods. That means that US. customers
overseas will run net deficit of about So billion
this year on their trade balances.
"As one State Department official put it. If that
keeps up very long our customers will have no
money left to buy with
Currently foreign trade is again accounting for
more than 1920 of total production. If it drops of
as much as or percentage points, the experts
say, it will cut big swath through the postwar
prosperity -. especially if the us is already hav-
ing mild recession at home.
ITO export prohtably the us. must either keep
imports at high level too or else find some other
way to get dollars abroad Otherwise the foreign
customers simply run out of the means to buy, no
matter how badly they want American goods.
4The (dollar) shortage will become acute first in
the European countries, probably in the fall. The
sterling area and Latin America will be in real diff
fculty next winter and spring, according to the
calculations unless something is DONE"
What are we doing now to prevent thi.
sharp drop and the resulting unemployment in the
making? 1t is certainty that this Nation the worlds
most powerful cannot afford to sit back doing nothing
while the elements that make for economic sickness
are permitted to 60 unchecked
We believe the Congress of the United
States should Immediately take broad steps to meet
the impending situation:
l. Develop an American program OF economic IN
vestment and assistance for other nations con-
ssting of credits, grants, and the purchase OF
strategic and critical materials in large enough
amounts to help these other nations to help
themselves in practical way in their recon-
struction so that they can effectively contribute
to the prosperity and peace Of the world
A. Develop an American economic and invest
ment program for the United States calculated
to increase our own national strength and
wealth through building and developing our
schools, our houses, our hydroelectric power,
and our other resources For on Americas
strength and prosperity depend the peace and
prosperity Of the whole world.
The time for action is now. Delay is q
luxury that the American business man. the American
farmer and the American worker and miner, cannot
afford
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