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Fifth Draft, Wages and Prices Speech

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196 "MATIONAL FIFTH DRAFT - 7 ARCHIVES AND RECORDS . SÉRVICE" That is not going to do anybody any good -- labor, business, agriculture, or the general public. It has been estimated that, unless checked, the annual wage and salary bill in private industry will shrink by over 20 billions of dollars. Twenty billions of vanished purchasing power -- twenty billions that will not be spent -- means shrinking markets and decreased opportunities for business, for workers, for farmers, and for all of us. The corner grocer is going to feel it, as well as the department store, the railroads, the colleges, the theatres, and the gas stations. I am particularly concerned about the effect on our farmers. When wages come down, so do farm prices and farm income. If nothing is done to sup- port wages our farmers, too, will have to tighten their belts. It is a sure road to wide unemployment. This is what is known as deflation, and it is just as dangerous as inflation. We all must understand that we cannot hope to maintain the same take-home pay for labor now that it had during the war. There will have to be a drop. But the Nation cannot afford to have that drop too drastic.

Page data

Page
7
Source index
0
Type
photo
Media ID
10f9f98d00d05859
Size
unknown

Document data

ID
183567439
Core
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Type
document
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Context sent to Scholar

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Page context 
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    "ocrText": "196\n\"MATIONAL\nFIFTH DRAFT\n- 7\nARCHIVES AND\nRECORDS\n.\nSÉRVICE\"\nThat is not going to do anybody any good -- labor, business,\nagriculture, or the general public. It has been estimated that, unless\nchecked, the annual wage and salary bill in private industry will shrink\nby over 20 billions of dollars. Twenty billions of vanished purchasing\npower -- twenty billions that will not be spent -- means shrinking markets\nand decreased opportunities for business, for workers, for farmers, and for\nall of us.\nThe corner grocer is going to feel it, as well as the department\nstore, the railroads, the colleges, the theatres, and the gas stations.\nI am particularly concerned about the effect on our farmers. When wages\ncome down, so do farm prices and farm income. If nothing is done to sup-\nport wages our farmers, too, will have to tighten their belts.\nIt is a sure road to wide unemployment.\nThis is what is known as deflation, and it is just as dangerous\nas inflation.\nWe all must understand that we cannot hope to maintain the\nsame take-home pay for labor now that it had during the war. There will\nhave to be a drop. But the Nation cannot afford to have that drop too\ndrastic."
}