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OCR Page 1 of 19213
THOUGH
FIFTH DRAFT
WAGES AND PRICES
ARCITIVES RECORDS AND
On August 18, 1945 -- four days after the surrender of
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Japan -- I issued en Executive Order which laid down the guiding
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policies of your Government during the transition from war to peace.
Briefly stated these are:
First, to assist in the maximum production of civilian goods.
Second, as rapidly as possible to remove government controls
and restore collective bargaining and free markets.
Third, to avoid both inflation and deflation.
Those are still our policies.
One of the major elements determining whether or not we shall
succeed in carrying out those policies is the question of wages and
prices. If wages go down substantially, we face deflation. If prices
go up substantially we face inflation. We must be on our guard, and steer
clear of both of these vital dangers to our security.
What happens to wages is important to all of us -- even to
those of us who do not work for wages.
It is important to business not only because wages represent
an important item in the cost of producing goods, but because unless
people generally earn enough wages they cannot buy the products of
industry.
What happens to wages is also important to the farmer. For
the income he earns depends a great deal on the wages and purchasing
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