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WILLIS ROBERTSON
SIGNPOSTS TO WATCH ON ECONOMIC OUTLOOK
In his recent Economic Report to the Congress President Eisenhower expressed confidence that we • can make the transition to a period of reduced mobilization following the war in Korea without serious interruption of our economic growth. He attributed the lower current level of employment as compared with the same period last year to a slight contraction in business due mainly to less spending for additions to inventory. He added that our economic growth is likely to be resumed during this year.
No economist claims we are headed for a depression but some do, not share the Presidents optimism that the present contraction in business is a temporary phase. The latter group does not think that we will go back to wartime boom levels, especially if the Administration continues its efforts in behalf of a balanced budget. They point to the fact that during the last year cash income of farmers dropped at least ten percent and that the twenty per cent of our population which is directly dependent on agriculture for its support received less than seven per cent of the total national income. And as author-farmer Louis Bromfield pointed out in a recent speech: “When' the farmer caftnot buy, men are out of work in our great industrial cities overnight, j I think it is fair to say that every i depression in this country since the j Civil War has begun when the farmer^ has not the money to go to town and buy.”
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