Word: wage
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Dates: during 1950-1959
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Since the outbreak of the Korean war, the United States has moved in partial war mobilization. Many have warned that these steps are not enough, that direct price and wage controls are needed immediately to check inflation. Others have raised serious questions about the ability of the American economy to support large arms expenditures for what may no an indefinite period...
Moreover, the economists agree--with many varying reservations--that so far this country has followed the right trail in setting up limited economic controls and abstaining from such direct measures as rationing and full price and wage controls...
...Wage Measures...
...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...
...another three or four weeks at least, Harry Truman and many businessmen can agree on one thing: let's not have any direct price, wage and rationing controls. In the meantime, the big question on the minds of politicians, economists and bankers is: Can credit restrictions and other fiscal controls effectively head off rising prices...