Editorial: ‘Scarcity economics’
Vice President Henry Wallace is warning the country against the danger of what he terms the “American fascists of Wall Street” who, he contends, believe in “scarcity economics.”
This philosophy of scarcity economics, he adds, must be displaced by a doctrine of “economic abundance.”
But doesn’t Mr. Wallace recall the days, not so long ago, when pigs and cotton were being plowed under in America on grounds that such “scarcity economics” would end the Depression and lead us to prosperity?
And wasn’t that policy of scarcity economics being administered not from Wall Street, but from Pennsylvania Avenue, Washington – through the office of Secretary of Agriculture Henry Wallace?
Perhaps there is something to the old saying that the memory of man is short-lived.