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As others have written, the phrase belongs to Harry Truman; but  
according to H. H. Liebhafsky, J.D., Ph.D. who taught HET  
(Methodology) at the University of Texas through the '60s, '70s, and  
early '80s (and who had worked for the US State Department as an  
attorney during the last two years of Truman's term), there was also an  
apocryphal ending to Truman's dilemma.  Someone found not one, but  
two one-armed economists and arranged for them to meet with the  
President.  One was from Chicago (Paul Douglas ?) and the other was  
from Harvard (name not recalled) so the meeting ended with even more  
hand-waving than Truman had originally complained about and gave  
rise to another Truman comment:  If you laid the best economists in the  
country end-to-end, they wouldn't reach a conclusion.  (The latter  
comment has also, over the years, been attributed to other US  
Presidents and Nobel-winning economists.)   
 
Bill Moore, UAF 
 
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