DEPRESSION DANGER

Otago Daily Times, Issue 26749, 19 April 1948, Page 5

DEPRESSION DANGER

INFLATION IN AMERICA PRESIDENT TRUMAN ISSUES WARNING Bee. 10.30 p.m. WASHINGTON, Apl. 17. Unless Congress acted immediately to curb inflation the nation would face the ever-increasing danger of a depression, said President Truman m an address to-day to the American Society of Newspaper Editors’ annual convention. Mr Truman added: “Inflation is getting steadily worse and undermining United States economy Strong American economy is the bedrock on which rest the hopes for establishing world peace. Without :t we cannot provide either aid, leadership, or example." Pointing out that in spite of February’s break in grain prices the general price level still continued to soar, Mr Truman appealed again for the enactment of the 10-point anti-inflation programme which he proposed to Congress in November. This programme includes standby controls over prices and wages, a standby rationing systern curbs on credit, and other measures to hold down prices and conserve scarce goods. . . . Mr Truman said: “We are striving to avoid an economic crisis by protecting our prosperity while we stiff have it. We are striving to avoid a war crisis by being firm before it is too late. The effectiveness of our foreign policy and the strength of our defences all depend on this prosperity.”