"Something to Worry About"

Down in the White House basement, Harry Truman stood close to the cluster of microphones and faced the hot stare of television cameras. He sounded like the Truman of campaign days as he spoke to the nation in his chatty Missouri twang. "Now, some people are saying . . . that we're in a depression," said the President.

"Many of these people, for political reasons, would like to have a depression. Others are saying there is nothing to worry about.

"Both groups," he declared, "are wrong. We're not in a depression. But an increase in the number of people out of work [nearly 4,000,000] is something to worry about, and is something that must be cured."

Having handed the Congress his prescription for quieting the flutterings of the U.S. economy (TIME, July 18), President Truman was now trying to explain the formula so that the patient itself could understand it. All the country really needed, Harry Truman believed, was the proper dosage of public works, some other financial therapy from Washington (the Fair Deal's economic and social legislation) and the close cooperation of business, labor, agriculture and government.

Harry Truman, who likes to balance his budgets, was not committing the government to a program of deficit financing, i.e., spending more money than it takes in. Not everyone agreed with his prescription, the President admitted, but his opponents were either "men of little vision" or spokesmen for the "selfish interests."

Last week, the President also:

P: Signed the Housing bill, the only major piece of domestic Fair Deal legislation to pass Congress so far. Result: Uncle Sam will soon help pay the rent of one million U.S. families every month.

P: Polished up a speech and got out his red fez for an appearance at the 75th national Shriner convention in Chicago this week (see Cover Story).

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