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September 18, 1945
SERVICE
THE PRESIDENT:
I have read Mr. Davis' statements too, as they were correctly reported in
the newspapers and this is what he actually said:
'The physical opportunity certainly exists for returning to a
very much higher level of physical production. I would say that if
you increased the standards of living of the country 50 percent you
will probably have jobs enough for the available workers, even allow-
ing for technological unemployment.
'So I say the country must face the imperative need, if you want
to call it that, to increase its standard of living 40 to 50 percent.
'But you ask me as Economic Stabilization Director just how to
do it. If I knew that, I wouldn't be Economic Stabilization Director.
I don't think anybody knows how to run the future except experimentally
and making your mistakes and correcting them as you go along.
'But I would like to have somebody tell me how you are going to
raise the standard of living 40 or 50 percent if every wage increase
is accompanied by a corresponding price increase. It is just inconsis-
tent with itself.
As to how long it might take to raise this country's standard of living by
that much, Mr. Davis said his guess would be that it could be done in less than
five years.
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