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224
FIFTH DRAFT
- 10 -
If these twin objectives of ours - stability of prices and
higher wage rates -- were irreconcilable, if one could not be achieved
without sacrificing the other, the outlook for all of us -- labor, manage-
ment, farmer and consumer -- would be very black indeed.
Fortunately, this is not so. While the positions of different
industries vary greatly, for business as a whole, there is room in the
existing price structure for increases in wage rates.
[Business Business can afford
to grant reasonable wage increases.
And if all of us would approach the problem in a spirit of reason-
ableness and give and take -- if we would sit down together and try to
determine how much increase a particular company or industry could allow
at a particular time -- I think most businessmen would agree. Some of
them, in fact, have already negotiated substantial wage increases without
asking for any increase of prices.
There are several reasons why industry as a whole can afford
many wage increases without price increases.
First, the elimination of the time and a half for overtime has
reduced labor costs per hour. For example, a man whose basic wage is $1
an hour and who worked during the war for 48 hours a week was paid $1 an hour
for the first 40 hours and $1.50 an hour for the other eight. That meant
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"ocrText": "224\nFIFTH DRAFT\n- 10 -\nIf these twin objectives of ours - stability of prices and\nhigher wage rates -- were irreconcilable, if one could not be achieved\nwithout sacrificing the other, the outlook for all of us -- labor, manage-\nment, farmer and consumer -- would be very black indeed.\nFortunately, this is not so. While the positions of different\nindustries vary greatly, for business as a whole, there is room in the\nexisting price structure for increases in wage rates.\n[Business Business can afford\nto grant reasonable wage increases.\nAnd if all of us would approach the problem in a spirit of reason-\nableness and give and take -- if we would sit down together and try to\ndetermine how much increase a particular company or industry could allow\nat a particular time -- I think most businessmen would agree. Some of\nthem, in fact, have already negotiated substantial wage increases without\nasking for any increase of prices.\nThere are several reasons why industry as a whole can afford\nmany wage increases without price increases.\nFirst, the elimination of the time and a half for overtime has\nreduced labor costs per hour. For example, a man whose basic wage is $1\nan hour and who worked during the war for 48 hours a week was paid $1 an hour\nfor the first 40 hours and $1.50 an hour for the other eight. That meant"
}