We have let us say an onion. The onion represents the total economic life of the United States at the present time. The heart of the onion is prosperity. How large does it bulk?
First, we must strip off all the states not included in the Middle Atlantic, East North Central, and Pacific states. The National Bureau of Economics finds that by and large these states have not prospered.
Second, in the prosperous belt, we strip off most of the farmers; they have not prospered.
Third, we strip off a large section of the middle class. The small business man, the independent storekeeper, the wholesaler, many professional men and women, have failed to keep income on a par with the new standard of living.
Fourth, we strip off the unemployed. Machinery appears to be displacing factory, railroad, and mining workers-- and recently mergers are displacing executives, salesmen and clerks--faster than they can find employment in other fields. The net increase in "technological unemployment" since 1920 exceeds 650,000 men and women.