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THE TREND OF THE TIMES
39
Flossy Pearson
only truly unbalanced budget is labor not at wor\. We may face the future with the greatest confidence provided both the y\ewspapers and the larger business men dis' cern clearly the sigyxs of the times and wor\ harmoniously with government in revising of tax laws for risk, capital, in the drawing up of plans for the sale of self-liquidating exports of heavy goods to so-called bac\ward nations, and in the provision for adequate and prompt large-scale government wor\ on highways, air ports, river valley authorities and the li\e.
gage in unwise and violent action. The newspapersand magazines of the United States did not train the American people in the simple algebra of international relationships. This failure to discern the signs of the times was one of the main factors in costing the world nearly a trillion dollars, tens of millions of lives, and the story of the full cost may have just begun.
Another terrible failure which can cost us tens of billions of dollars has to do with the algebra of the circuit flow of money. Wage cutting and salary slashing can reduce our national income by 30 billion dollars annually and can by reducing consumption cause such unemployment as to make the annual interest charge on the national debt almost impossible to pay. On the other hand enlightened plans for the employment of 60 million people can produce a situation where the annual charge on the national debt can be carried almost as easily as in the decade of the twenties.
Thought should be given without
prejudice to fiscal devices which will not increase either public or private debt, which will insure full employment and which will not produce inflation. Some modern Macaulay should educate the public as to the difference between public and private debt and as to the ease with which public debt can be carried provided labor is fully and productively employed. The newspapers, if they really discerned the trend of the times, would cease spending so much effort scaring American tax payers. Rather they would center their attention on the full employment problem. If all labor is at work at good wages nothing very serious economically can happen to us here in the United States.
In a country like the United States the press should be as sacred a calling as the ministry. Under the Bill of Rights the press is given freedom of expression. By Congress it has been given the second class postal privilege which means a continuous subsidy by the Federal Government. The one