The Salida Daily Mail, Sept. 13, 1944:
Many will say I have gone nuts on the following statement. But here goes anyway. The net income of the American people was less in 1943 and 1944 than in any one of the nine consecutive years from 1923-1931.
War prosperity is statistical sleight of hand. In terms of real wealth, our $135,000,000,000 national income is an illusion. The New Deal philosophers who talk of producing a similar “income” in the postwar years by the same magic of government spending are fooling you with political mirrors.
The magic comes from going into debt, from not building houses, from not buying automobiles, from letting industrial and farm machinery and buildings wear out, etc.
If we paid the entire cost of the war in taxes each year we would know well enough that war prosperity is the “fool’s gold” President Roosevelt said it was in 1936.
Honestly, isn’t it a bit cockeyed to say that when every city in civilization is a heap of smoking ruin that we can sit in our caves and live happily ever after, clipping coupons from war bonds?