War and Postwar Problems of American Industry

TONIGHT I want to speak of the current problems and the postwar difficulties facing American industry. American industry has done an outstanding job in adjusting its operations to wartime necessity. The national income for 1942 was nearly $120,000,090,000 and of this outlay approximately $55,000,000,000 went for war material. The enormity of the expenditures for war material is indicated by the fact that the expenditures for war purposes alone were greater than the annual gross national income in the period 1931-34. This tremendous production job in turning out a record output of war products was accomplished by industry in spite of a large number of restraining and hampering influences, and I want to mention several of the more important problems.