PRICE AND WAGE CONTROL
AVOIDING INFLATION IN U.S. (Rec. 5 p.m.) WASHINGTON. Sept. 15. The United States Price Administrator (Mr Leon Henderson), testifying before the Senate Banking Committee on the bill designed to stabilise wages, salaries, and farm prices, said such a measure was immediately necessary to avert inflation. The danger of extremely inflationary increases in the cost of living was at hand, jeopardising the entire war programme, he said. Uncontrolled items were forcing the whole cost of living upwards. If farm prices rose to the levels at present permitted approximately 2,036,000,000 dollars would be added to the prices of farm products marketed in 1942. Wage increases were also threatening the price ceilings. Mr Henderson gave the examples of butter, which rose 8 per cent, in July, and eggs, which increased 12 per cent. Rival measures have been submitted to Congress. The Senate bill calls for the stabilisation of farm prices and industrial wages at about the present levels, with Presidential authority to adjust both upwards and downwards to eliminate gross inequities. The other measure submitted to the House is viewed widely as being inflationary in itself. It would peg farm prices at 100 per cent, of new and higher parity.
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Press, Volume LXXVIII, Issue 23745, 17 September 1942, Page 5
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201PRICE AND WAGE CONTROL Press, Volume LXXVIII, Issue 23745, 17 September 1942, Page 5
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