He is leading America into “...a new economic order, where the bonds of scarcity have been broken, and America is rolling in two-toned splendor to an all-time crest of prosperity.”
Well, it is today, and many people actually are “spending comparatively little time earning a living,” But not from the “crest of prosperity” that was promised.
The “two-toned” splendor” of General Motors turned out to be a planned obsolescence in which cars were designed to conveniently break down in three years. It turned out to be a fight to the death against energy standards, a full-scale assault on safety standards, and the destruction of mass transit and trains. It turned out to be about a trillion lousy cars hot off the assembly lines of Michigan.
General Motors went financially bankrupt this week, following a half a century of just about every other kind of bankruptcy. Time magazine isn’t doing too well, either.