Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1949-07-22

that it would be a great bll
penditures in the facing of
the current economic down
turn.
%, President in his semi
anH&1 economic report to Con-
gress blasted at the idea that we
are experiencing a healthy re-
adjustment He told Congress
there is nothing healthy about
more unemployment or less pro-
duction. Such trends can and
must be reversed by positive
action, private and public.
IN FIGHTING MOOD
In fighting mood, the Presi-
dent carried his appeal for econ
omic sense to the people in
fire-side chat charging that the
selfish interests" were trying to
drive the country into the ditch
by encouraging the economy
bloc to cut expenditures at
time when it would be disas-
trous.
selfish interests, Truman
said, were behind the tax re-
duction of the 80th Congress,
Now these same selfish interests
are urging us to commit third
blunder. They are now urging
drastic cuts in Government eX-
penditures-cuts which would
fall hardest on those expendi-
lures which are most important
to our domestic economy -. The
people who unwisely urge that
Government expenditures be
slashed are for the most part the
very same people who have long
been opposing our social pro-
grams and our resources devel-
opment programs.
BROUGHT QUICK RESULTS
The Presidents message and
speech brought some quick re-
suits in Congress. Rep. Aime
Forand Cd, RID quickly intro
Ald legislation to carry out his
~ recommendations, and a,
group of Senators and Congress
men headed by Sen. James E.
Murray ID. Mont) introduced
broad economic legislation de-
signed to provide other devices
for averting a depression.
Without specifically mention
ing the healthy re-adjustment"
phrase used by the conservations
and the Chairman of his own
Council of Economic Advisors,
the President said;
The way to check a decline
In business investment or pro-
duction is to take affirmative
action that will lead to more in
vestment and more production.
The way to check an increase
in unemployment is to take af-
firmative action that will pro-
Ey&e more Jobs. The way to pre-
vent our economy from shrink
ing is to take affirmative action
that will help it to expand" F."
FEW FAVORED FACTORS
Mr.. Truman noted a number
of favorable factors in our econ
omy-notably that employment
levels are still high-but said we
should not "be lulled into a false
sense of security by those favor
able aspects of the situation"
He said the 1949 economic de-
cline had been moderate and
that we now have the oppor-
tunity Ito reverse the trend and
achieve maximum production
and consumption of goods and
services without the evils Of in
flation".
However,, the President
added, ''it would be even less
appropriate to rely entirely on
''letting nature take its course
to restore economic stability
and maximum production and
employment. Within the mem
ory of this generation, we have
experienced both the terrible
consequences of inaction and
the saving value of affirmative
policy"
1T is fundamentally import
ant to recognize that we should
direct our policies and actions
not merely toward preventing
a depression or holding our
ground" Mr.. Truman warned
Congress. eve can achieve with
in few years a national output
we'll above 800 billion dollars,
valued at current prices. Our
goal of growth and expension
determines the kind of policies
!. that private enterprise and
s>Sovernment should now develop
and apply"
To "defeatist" advocates of
cutting vital international and
domestic programs, Truman had
this sharp reply:
Are we going to admit that
the forces of progress in our
economy have become so feeble
that we must content ourselves
with lower levels of education,
health and housing, international
and domestic security, and ma '
tional development? Or are we
going to move forward toward {
making our economy as strong ;
and productive as our resources
and skills permit, and adopt the
programs which are consistent !
with that kind of economy and ;
necessary for its attainment?
= II propose that we follow the