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...wait as long as three months for delivery. Makers of TV sets and refrigerators began to ration their output. By June the economy was at the highest production peak it had ever been in peacetime. Industrial production had climbed to 199 in the Federal Reserve Board's index (1935-39 = 100), four points higher than 1948's boomtime top. Employment rose almost 2,000,000 in a single month. In mid-June, the stock market officially blessed the new growth of the boom by soaring to a 20-year high...
Despite the rollback on auto prices and hints that prices in other industries may also be controlled soon, food prices continued to skedaddle gaily upwards (see NATIONAL AFFAIRS). But though food comprises a big 40% of the Government's cost-of-living index (v. 4.8 for autos), there was little talk in Washington about slapping on mandatory controls. Reason: there was nothing that Price Stabilizer Michael DiSalle could legally do to stop the rise in most foods...
...Washington was finally realizing was that the nation is on an inflationary merry-go-round that can't be stopped under the present law. As food rises, the cost of living rises. Since a million non-farm workers have wage rates tied directly to the cost-of-living index, they automatically get wage increases as the cost of living goes up. That, in turn, boosts the cost of manufactured goods, and is bound in time to force up even mandatory ceilings, if the companies are to remain in business. But when manufactured goods go up, parity goes...
...four ways to curb inflation and at the same time reduce consequent inequalities. They are: 1) cost-of-living wage adjustments under social security; 2) corresponding pension adjustments under social security; 3) rent control permitting at net incomes of landlords to rise as much as the consumer's price index; and 4) opportunity for savers to buy securities that will automatically depreciate in purchasing power as prices rise
...promptly raised its prices 5½%. A fifth round in steel, however, should not set off another round for everybody; all basic industries, except steel and John Lewis' coal diggers, had already got a raise since the Korean war began. Before Ewan Clague's cost-of-living index inched up again, there was a good chance that some kind of wage and price controls would be clamped on. When that happened, the brief, happy, between-wars interlude of freedom in the market place will be gone...