Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1950-01-06
a Record Smashing Year

- OOS1h1 proudly dIlHoulSSu lldL VIC
year 1949 established a new, all-time high
In motor vehicles production. Production
figures for last year indicate that approxi-
mately 100000 motor vehicles rolled off
our production lines This includes an
estimated number of 5,075,000 passenger
cars and 1,125,000 trucks and buses.
These figures dwarf by almost million
the production figures of our last record
smashing year of 1929 when a total of
$3.50 420 motor vehicles were manufac-
tured in this country.
Naturally, all of us are happy when
we read news of this sort. We are happy
because we know that n nd those
figures are jobs for our people jobs
and a greater measure of sedurity than
we ever enjoyed before. More than that,
we hope that 1850 vii bring even greater
production, new all-tine records and with
those things full employment and con-
tinued security for our working people.
HOWEVER DESPITE THESE reassur-
H ing figures and the hopeful predic-
tons, we cannot help but recall the year
1929. Then, too, our economy was climb
ing ever higher at a dizzy pace. Records
were established year after year. Predic-
tons were even more glowing than today.
That was the era of reckless stock mar
ket speculation the era of get-rich-
quick =. the golden era of Coolidge and
Hoover with their promise of chicken
in every pot and car in every garage"
Then came the awful crash of 1929.
And with that was ushered in the most
devastating economic collapse this coun-
try, or any other country ever witnessed.
The burning, bitter story of those CHASTITY
years are still too fresh in our minds to
necessitate any detailed explanations.
NTE ARE OF THE OPINION that those
w years need not return, ever We
don't have to have unemployment, miser-
ary and mass suffering Our country pos
sessess not only vast natural resources,
but also the worlds greatest industrial
establishment, plus the most highly train
ed, the most skilled working class of any
nation on earth.
With such combination 1t is not only
unnecessary TO have an economic recess
sion, but downright criminal
Yet, we are faced with the dangers OF
another economic depression. This is free
ly admitted by both government and busi-
ness officials and economists. The only
thing these people differ on is when"
this economic depression will hit us and
how severe it will be. AS a matter of fact,
already last summer when employment
kept going down week in and week out
with the number of unemployed
workers at one time reaching the danger
point of FIVE MILLION WORKERS
many economists predicted that a new
and perhaps even a more severe depres-
sion than the 20 crash was upon us.
Fortunately, 1t didn't work out that
way. Employment began to pick up. And
while there are still several million peo-
pie out Of work in our country-includin
upwards of 10000 in our own Toledo
there are signs that indicate a new up
swing in production and employment for
the coming period. How long this upswing
will continue =. to what degree it will
infuse new blood in our economic system
is yet to be seen. But we are hopeful for
the best.
THERE is ONLY ONE WAY that we
IL know of that can lead us safely away
from any possible economic collapse. That
is continued production in our industrial
plants. And that can only be accomplished
If our own people are paid sufficiently
high wages TO enable them to buy back
what they produce . or at least a major
share Of it, with the rest going on to our
export field for other countries.
And that means there must be estab-
lished some kind of equilibrium between
wages and profits and taxes. There is
absolutely no excuse for the phantastic
profits that our corporations are pocket
ing away, especially since the beginning
OF the war and particularly since the
death of the excess profit tax shortly
after W Day. Corporation profits today,
despite the relatively higher taxes are
greater than they were in the fabulous
year OF 1929. And we mean net profits,
after all deductions have been taken out.
On top of this totally unhealthy and
absolutely dangerous situation the COM
mon people are taxed way beyond what
should be their proportional share of
taxes. Everything we bIv is tsxed Aud