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FOURTH DRAFT
- 7 -
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 will shrink by over 20 billions
of dollars. Twenty billions of vanished purchasing power - twenty billions
that won't 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 depart-
ment store, the railroads, the colleges, the theatres, and the gas
stations. Many factories will feel it, too, because there will not be
enough money in the pockets of the working people with which to buy
the products of the farm and the factory.
It is a sure road to wide unemployment.
This is what is known as deflation and it is just as dangerous
as inflation.
I am particularly concerned about the effect on our farmers of
such a drastic drop in the wages of the nation. When wages move down,
so do farm prices and farm income. A decline of 20 billion dollars, in
wages and salaries will mean a decrease of 15 to 20 percent in farm
income. If nothing is done to support wages our farmers, too, will
have to tighten their belts.
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"ocrText": "FOURTH DRAFT\n- 7 -\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 will shrink by over 20 billions\nof dollars. Twenty billions of vanished purchasing power - twenty billions\nthat won't be spent - means shrinking markets and decreased opportunities\nfor business, for workers, for farmers, and for all of us.\nThe corner grocer is going to feel it, as well as the depart-\nment store, the railroads, the colleges, the theatres, and the gas\nstations. Many factories will feel it, too, because there will not be\nenough money in the pockets of the working people with which to buy\nthe products of the farm and the factory.\nIt is a sure road to wide unemployment.\nThis is what is known as deflation and it is just as dangerous\nas inflation.\nI am particularly concerned about the effect on our farmers of\nsuch a drastic drop in the wages of the nation. When wages move down,\nso do farm prices and farm income. A decline of 20 billion dollars, in\nwages and salaries will mean a decrease of 15 to 20 percent in farm\nincome. If nothing is done to support wages our farmers, too, will\nhave to tighten their belts."
}