Drinking Liberally in New Milford: Don't Be That Congress!

9/9/09

Don't Be That Congress!

Do you really want to be a repeat of the 80th "Do Nothing" Congress?

Pres.Truman: “On several occasions
during the past year I have reported to the Congress and to the Nation
on our general economic situation. These reports have told of new high
levels of production and employment. Farmers are producing 37% more
than in 1929. Industry is producing 65% more. In terms of actual
purchasing power, the average income of individuals after taxes has
risen 39%. The rapid growth of our post-war activity has exceeded
expectations, and has revealed anew the potentialities of our economy.
In each of my reports however, I have had to warn of dangers that lie
ahead. Today, inflation stands as an ominous threat to the prosperity
we have achieved. We can no longer treat inflation with spiraling
prices and living costs as some vague condition we may encounter in the
future. We already have an alarming degree of inflation.
And even more alarming, it is getting worse. Since the middle of
1946, fuel has gone up 13%. Clothing prices have gone up 19%. Retail
food prices have gone up 40%. The average for all cost of living items
has risen 23%. The housewife who goes to buy food today must spend ten
dollars to buy what seven dollars bought a year and a half ago. She
must spend ten dollars to buy what seven dollars would have bought a
year ago. The cost of living is still climbing. In the past four months
it has risen at the rate of 16% a year. Wholesale prices are rising
too. They affect every industry and trade. And they are soon translated
into retail prices. Since the middle of 1946, wholesale textile prices
have gone up 32%. Metals have gone up 36%. Building materials have gone
up 42%. Wholesale prices on the average have gone up 40%. The harsh
effects of price inflation are clear. They are felt by wage earners,
farmers and businessmen. Wage earners are finding that bigger paychecks
this year buy less than smaller paychecks bought last year.”