June 11, 1950 – American Forum Of The Air – Where Is Our Economy Headed? – NBC Radio – Gordon Skene Sound Collection –
By all accounts, 1950 was looking to be a boom year for the American economy. Better even than 1948, and that year was pretty sensational too. Employment was up, unemployment was down. Wages were up, the Middle-Class were sitting in the lap of prosperity and nothing was standing in America’s way.
However, some Economists were saying it was in the most dangerous, un-sound boom in American history. There were a few symptoms that were making those economists uneasy. The Stock Market for example, was hovering around 1930 levels and was well on its way to 1929 levels (before the crash). It was impossible to sustain the current level of growth without some leveling off. Productivity, supply, taxes, Foreign Aid, Veterans programs and a whole host of economic obligations, in addition to our Defense program could give way any moment, landing America in a Recession. What America was facing now was an enormous debt from the war and deficit spending. To echo the economic boom and subsequent bust in 1939, the only thing that saved America from falling into another Depression was the War.
It’s ironic that this broadcast was aired on June 11, 1950 – The Korean War began on June 25, 1950.
This discussion/debate features Senator Owen Brewster (R-Maine) and Leon H. Keyserling, Chairman of the Council of Economic Advisers and Adviser to President Truman.
Further proof it’s always the Economy.
Here’s the show.
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