In 1946 Russian-American mathematical economist, Wassily Leontief, warned us about "long-term planning" and "living within the national budget". Leontief developed a vast "input-output analysis" method of charting, which was for America what your monthly budget is to you. (You don't? Me neither.) This analysis showed how money is spent among our various industries (say, the automobile industry or the electrical industry) and by the Federal Government -- a kind of national "balance-sheet".

An immediately successful prediction by Leontief should have warned us about the consequences of ignoring his advice. In 1946, Leontief, used his "input-output analysis" to predict a steel shortage, in this first year after World War II. Steel was a critical commodity at this time, because America was undergoing a severe housing and building shortage. Building production, as well as steel production, had been mainly diverted, for four years, to military purposes. Now builders could turn to satisfying the great domestic housing and building market -- a demand aggrevated by hordes of returning veterans from the greatest military mobilization in America's history. So, demand upon materials was greater than at any previous time in American history.

When the heads of the Steel Industry heard about Leontief's prediction of a steel shortage, they laughed at this "silly foreign professor". But (look it up!) a severe steel shortage did develop, along with a "grey market" (money "passed under the table") to compete for limited stocks of steel.

We were warned by Leontief's mathematics, and we blew it! And we continued to "play ostrich" in the coming decades on the issues of long-term planning and national budgeting to prevent a budget deficit! And The Media did little to help us learn these valuable lessons! (Leontief made a later warning which was heeded, but not explained by The Media to the Public.)