Word: rearmaments
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Pessimist or optimist, nobody was talking of cutting back in a post-Korea letdown. Nothing that they saw beyond Korea had changed, and neither had their plans nor the urgency of rearmament. Phase by phase, here is how U.S. preparedness would probably look...
...ever-ready list of faithful party hacks. Dr. Valentine for years has been the great & good friend of NSRB Chairman W. Stuart Symington, who recommended him for the job. Valentine will operate under Coordinator Symington in the new, complex machinery being set up to run the nation's rearmament effort. Valentine's job: plan price and wage policies, and in the end, when he and the President think it is necessary, clamp on controls. Under Valentine will be directors of wage stabilization and price controls-precarious posts still to be filled...
...last week surprised everyone, including itself. At a round-table sponsored by BUILDING,† the five great trade associations of the industry-the Mortgage Bankers, the Home Builders, the Lumber Dealers, the Associated General Contractors, and the Producers Council -got together on a comprehensive program in support of U.S. rearmament.** Chief point: house building should be cut back to 1,000,000 units a year from the current rate...
...economy, the builders warned against too drastic a construction cut. Said they: "We consider it quite possible that the restrictions already imposed (i.e., higher down payments, less mortgage insurance) may reduce housing starts to a far lower figure [than 1,000,000]-perhaps as low as 600,000 . . . Until rearmament can absorb a far larger share of American production, any [such] cut in home building . . . would cause serious unemployment and other harmful dislocations of the economy...
...steelmen. Said he: "What I wanted was not suggestions or hopes, but actual commitments for the future." The American Iron & Steel Institute, he explained, had drawn up the figures based on the expansion programs of 20 big companies. Sawyer, who thinks that the best way to carry the rearmament burden is to expand production rather than cut civilian consumption, summed up: "The peak of military requirements and consumption during World War II was in 1943 when 53 million ingot tons of steel were required. By the end of 1952 our steel capacity will be more than double that figure...