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    "title": "Memorandum from Leon H. Keyserling to President Harry S. Truman, with Attachments",
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    "ocrText": "EXECUTIVE OFFICE OF THE PRESIDENT\nCOUNCIL OF ECONOMIC ADVISERS\nWASHINGTON 25, D.C.\nLEON H. KEYSERLING, CHAIRMAN\nJOHN D. CLARK\nROY BLOUGH\nMarch 28, 1952\nMEMORANDUM FOR THE PRESIDENT\nFrom:\nThe Council of Economic Advisers\nSubject: Current issues in the steel industry\nWhile we may submit a more detailed statement later on, we\nunderstand that it will be useful to you to have immediately a\ngeneral summary of our views on current issues in the steel industry.\nWe regret that Mr. Blough is out of town and consequently has not\nparticipated in the preparation of this submission. The Council as\na whole has discussed these problems on many occasions.\nThis memorandum divides into two parts:\nTRUMAN\n1. The wage issue in the steel controversy.\nARCHIVES& \"NATIONAL RECORDS GOOD\nADMIN.\"\n2. The price issue in the steel controversy.\nCOUNTER\nThe Wage Issue\nNow that the Wage Board has made public its recommendations, we\ndo not believe that public officials at this stage should challenge\nthese recommendations or exert public pressure against them. Such a\ncourse would have damaging consequences outweighing any possible\nbenefits, because basic confidence in responsible public authority is\nnow just as important, or even more important, than any particular\nsettlement.\nWe are reinforced in this view because, while the wage recom-\nmendations may have been higher than the most desirable recommenda-\ntions would have been, our preliminary analysis indicates that these\nwage recommendations are by no means as extreme as has been portrayed\nin some quarters. Viewing these wage recommendations in their long-\nrange impact, they may be somewhat out of line, but they are not very\nseriously out of line, with the broad principles of wage policy that\nhave been set forth in various Economic Reports of the President. In\nany event, we do not believe that the consequence of these recommenda-\ntions to the economy would be as serious as the consequences of trying\npublicly to tamper with these recommendations now."
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