Magazine content is available exclusively for TIME subscribers.Business: Let Them Eat Cake
When Labor Secretary James P. Mitchell promised last April to eat his hat on the steps of the Labor Department if unemployment did not drop below 3,000,000 in October, he thought he was making a sure bet. But last week the Labor Department announced that although employment was higher than in any previous October—66,831 000—unemployment stood at 3,272,000. Just before the figures wene officially announced, Mitchell appeared on the Department of Labor steps to keep his part of the bargain—or almost. Said Mitchell: "I am off by several hundred thousand entirely due to...
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