NOTHING NEW UNDER THE SUN (ALMOST)
7th January, 1917 : Last year was a boom year for the United States – the most prosperous in the country’s history. As part of the war effort, the mass production methods that have proved so successful in the car industry have been applied to others, like shipbuilding, aircraft engine manufacture and the production of munitions. Their growth has created general prosperity. Prices are up, but wages have risen even faster – and so have profits. Records are being set in all sectors of the economy: steel and iron output, foreign trade, consumer spending. Pessimist fear that the bubble may burst, but Frank A Vanderlip, President of the National City Bank of New York, says the business outlook for 1917 is excellent.
[ The United States declared war on the German empire on 6th April, 1917. About 110,000 Americans died. ]