THE NRA AND PROPERTY INCOME
Before attempting to ascertain the effect of the NRA on property income, it may be well to consider for a moment the importance of this type of income as compared with income from labor.
A study of the distribution of the national income from current productive activities indicates that in the ten years preceding 1929 the share of property income averaged around 20 per cent of the total for property and labor combined.1 In 1932, a year in which conditions were similar to those obtaining when the NRA was launched, currently produced property income was less than 10 per cent of total produced income.2____________________
In 1932 the so-called "paid-out" property income was in large measure not true income at all, but rather the proceeds of asset liquidadation. It represented a consumption of capital, not current property earnings. The property income currently produced, plus the proceeds of asset liquidation, made up 20-25 per cent of all income paid out. (The