Word: rearmaments
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Peacetime aid toward the rearmament of the Atlantic Pact nations is not included in the pact's terms, but such aid will go forth as part of the same moral bundle. The Administration bill aimed at Congress includes Greece, Turkey and some Latin American states, as well as the Atlantic nations. Estimated overall cost to the U.S. (in addition to Marshall Plan economic aid): $1.5 to $2 billion. The cost-and the risk-of the pact was more than balanced by the feeling of Western cohesion, the assurance that peace of the Atlantic community was indivisible...
...good will-such as International Harvester's Fowler McCormick-who had cut prices in hopes of starting a healthy downtrend all around, had to change course; they put prices up again. The hope had been that the U.S. would be able to add the burdens of ECA and rearmament without more inflation; that they would merely take up the slack in the economy as it developed...
Third Round. The rearmament program was notably good news to the aircraft industry, which was saved from disaster by $2 billion in plane orders, but it scared many another businessman into a wild scramble for materials. The new inflationary pressures drove the cost of living up, month after month. And this gave labor a potent argument for its "third round" wage increases, another sharp spur to galloping prices...
...that traders once swore by. Ever since it had collapsed in fear of a recession in 1946, the market had been seesawing, trying to make up its mind whether the boom had really come to stay. Looking at some of the props under the boom-plant expansion, ECA and rearmament orders-investors celebrated the tax cut by finally placing their bets...
...Dissent. Grimly and regretfully, the country shouldered the burden of a record peacetime rearmament. In little issues and big, the signs of the people's decision were clearly written. Congress authorized a peacetime draft and stamped its approval on a massive Air Force, Army and Navy-without a whisper of partisan dispute in an election year...