Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1948-02-13
Truman Agrees

For many months, labor leaders have
been warning the nation that the uncon-
troIIed initiation which has been rampant
since 1946 was rapidly leading us to seri-
GUS economic crisis and depression.
Last week, two incidents occurred which
add emphasis to the warning given by
labor. The first was a statement made by
President Truman to a press conference,
warning of an economic crisis unless intla-
tion was curbed The other, Strengthening
the warning of the President and labor
was a sharp drop in the commodities and
securities markets.
Immediately, the Presidents political
ouponents accused Mr.. Truman OF using
the market situation to advance his own
noliticaI fortunes, charge which may or
NAV not be true, although to this date,
nobody has successfully denied the logic
of the same warning given by labor.
Nor does the fact that the Soviet news
papers grasped upon the market incident
to tear down the United States and its eco
nomic system, lessen the fact that the
things which are occurring have been pre-
dicted with alarming accuracy by ecOnOm-
lists. labor leaders and government special
lists. On the other hand, we have little
reason to complain about the SOviets press
treatment on this score if we will recall
the gloating of our own press when the
Soviet chopped some of the wood out OF
the ruble.
One public opinion poll that DIR. Gallup
need never take is, whether or not this
nation wants another depression. Nobody
wants a depression. AT the same time, we
are not taking serious steps to remedy am
increasingly serious initiation, other than
that which automatically takes place as
the commodity and security markets obey
economic law.
Accusing labor of being depression
minded is not the way to dam the infla-
tionary flood which even now threatens
our future and gives this nation and the
world dark outlook. The way to cure
tnb SITUATION lIOih pA"'A'SN
monopoly practices and organized greed,
if it can be cured, is not to leave it alone
to go its tragic way, but to take drastic
steps to remove the cause.
Congress, which has never shown the
slightest heed for the public veal, even
now cannot bring itself TO move to pre-
vent the ultimate economic breakdown.
Instead il, plays its own brand OF politics
by investigating government officials who
have played the commodity market.
The warnings of labor, the President,
competent economists and other author
tiles indicate that the time for applying
the remedy is growing shorter. Most
authoritative of all is the present market
slump, which is a mild warning of what
Is yet to come unless drastic remedial
measures are applied soon.
Production figures show that we are
producing more goods than are being sold.
At the same time while there are more
commodities on the market, they are priced
so high that the buyers are being forced
out of the market. The prices on COM
mOdities are the prices which were placed
upon them when the scarcity was real.
As result OF high prices ana made
quate wages, the sales volume of business
is diminishing while the dollar volume has
increased. People are spending more
money to purchase less, leading to an ac-
emulation of inventories.
Adding up the situation, we find all
the elements to bring about major re-
cession, or depression. Rapidly increasing
production, increasing prices, history
making profits, lessened purchasing power,
diminishing sales and increasing i'm
Ventories.
IL we are to save ourselves, and we re-
peat il is doubtful If we can, we must con-
troll the system or be controlled by it.
Time is fleeting and we are becoming more
enmeshed with every passing day. Presi-
dent Truman is right regardless of the
politics which may motivate him.
IT, Ia.