Statement by Benjamin Fairless, President, United States Steel Corporation
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FILED BY
DR. STEELMAN
JUL 2 9 1952
UNITED STATES STEEL CORPORATION
71 BROADWAY
fier
NEW YORK 6. NEW YORK
852
Statement by BENJAMIN F. FAIRLESS
PRESIDENT, UNITED STATES STEEL CORPORATION
New York, N. Y., December 21, 1951
The United Steelworkers of America (CIO) threatens, unless its onerous
demands are met, to call a nationwide steel strike, effective at midnight on
December 31, 1951. Such a strike would be disastrous to this country's defense
effort. It would constitute a national calamity of major proportions. Of equal
importance to the future welfare of this country is the necessity of doing every-
thing within our power to stop further inflation. That is why I believe that there
should be no wage or price increase at this time.
Everyone should recognize that inflation is the major enemy of this country
at this moment. Some brake has got to be put on a continuance of the constantly
recurring series of spirals of higher wages and higher prices. The nation
cannot now afford another general round of substantial wage increases and the
higher prices which must inevitably result therefrom.
Five times since V-J Day, labor has obtained a general round of wage
increases; and five times the cost of living has shot upward in the wake of the
pay boost. The same consequence is unavoidable if a sixth round of wage
increases takes place. Prices must go up to reflect higher employment costs.
How can it be otherwise, when the cost of labor along the entire line of pro-
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