Business: Boom, Shortages, Taxes, War

The U.S. economy has just finished the most active and productive year in its history. Impelled by Government spending which last month reached a level of $72,000,000* each business day, the national income reached an alltime high and so did industrial production. War materials replaced everything else as the nation's No. i industry. It began to put other industries out of business.

Yet when war came at last, the U.S. suddenly realized that its vast new industry had not prepared it for war at all. It was still just another industry, a peripheral hubbub,...