It was wonderful while it lasted: 8,500,000 Americans had tasted the hospitality of the 52-20 club. In effect, the 52-20 club was a kind of caboose on the G.I. gravy train. Under its provisions, every unemployed World War II veteran was entitled to $20 a week until he found a job—for a maximum of 52 weeks. Veterans who were self-employed but found the going skimpy could draw enough to assure themselves an income of $100 a month.
This week, after costing taxpayers $3,700,000,000, the 52-20 club lost its charter. Harry Truman and many governors—who did not want to...