Show i p. p The DAY IN DOLL DOLLAR Ml Experience of or the people of or the United States in the last lust two and a ahal half hal years gives our economists material material ma ma- to work upon for tor several years to teral come If I we learn nothing from that experience the boasted intelligence intelli intel gence of the American AmerIan people must be considered greatly reaty overrated The combined income of all al individuals indi in lii the United States reached a total of or in 1931 declining declining de clining from Crom in 1929 and from in 1030 1930 according according ac ac- ac cording to a survey Just completed and published by the Business Week The Te decline representing a drop of per cent from rom the 1929 totals is the greatest shrinkage in lii national income on record and brings the figure fig fig- g. g ure for lost last year approximately back to the average level of 1917 Wages of wage earners attached to all al industries in the United States last year totaled as a against for or 1930 and for 1929 IDD Salaried in industry earned eared in 1931 and the year jear be be- be fore The f figures ures compare with wih a total of reported for 1929 1020 Industrial pensions and compensation com corn allowances paid out last year reached a total of which compares with wih in 1930 and in 1929 1029 6 4 In the matter of or the nations nation's naton's business busi ness income the survey surey shows a total of for individual businesses busi bust nesses and partnerships last year as against in i 1930 and 12 in 1929 1029 Dividends re by individuals from domestic corporations last year ear amounted to The total compares with received in 1930 and the year before Earnings of private investors in the United States on investments abroad totaled m in I 1931 the year rear before and in 1929 1920 Interest received by individuals in 1931 from bonds notes mortgages and md other paying interest sources amounted amount amount- ed to last year jear The same sources produced a total income of in 1930 1030 and in 1929 1029 The combined income from rents rent and royalties last year was The Te total compares with for 1930 1030 and 5 5 for 1929 1020 The net gain derived de dc de rived from sale of stocks bonds real estate and other assets last year was 4 as compared with wih 1 1 in 1930 antI and nd 00 in 1929 1020 Pensions bounties and gratuities paid by all al government divisions showed a gain gai last year the survey report shows These payments payment totaled In 1931 1931 The Te total for 1930 1030 was and for 1929 9 Life insurance payments to lo poli policy policyholders policyholders holders also increased last year ear The rue total was as compared with wih in 1930 and 1951 1061 1961 in 1929 Gain also was shown in wages and salaries paid to lo federal state slate and local government th ir 1931 1031 income income in in- come totaling as against for 1930 and for 1929 1020 Salary totals for teachers in public and und private schools also went vent up in 1931 the total of 1648 comparing with for 1930 1030 and for 1929 1029 I 9 i Comparing its ils is 1931 1031 and 1930 1030 totals w with h those for 1929 reported by the National Bureau of Economic Research Re Research search the Business Week notes noles note that the decline in wages and salaries plus pensions compensations and other oth er private business payments to em cm was per cent in 1931 under the 1929 totals The combined income of individuals from business sources and investments including interest interest dividends rents rent royalties and net cap capital ital ial gains declined per cent in 1931 below the 1929 leVel level Individual business and partnership income fell fel 45 per cent from tho the figures for 1929 Dividends interest rents and nd royal- royal tics te showed a smaller decline while capital gains practically disappeared Inflation of the national income during the war and postwar years accompanying the tremendous rise in price prie levels was as almost wiped out by 1930 says the survey report report During 1931 1031 the national income fell fel far Car below the normal line lne of or increase basea on the average rate of growth for Cor the tile 50 years preceding the warThe warThe war var The decline deehne in the national income in 1930 and 1931 1031 was considerably more than can be accounted for by mere changes in the value of the do dollar dol lar and represents an en actual contraction contraction tion ton of the current national purchasing in ing power on a tremendous scale bringing it back to the 1921 1021 level II It ItIs I is 1 a graphic demonstration of the destructive de de' destructIve effects of an uncontrolled deflation on the standard of living |