Installment
buying, for example, has been effectively controlled.
Wages in certain key industries have been stabilized on the basis
of the present cost of living.
But it is obvious to all of us that if the cost of food continues
to go up, as it is doing at present, the wage earner, particularly
in the lower brackets, will have a right to an increase in his
wages. I think that would be essential justice and a practical
necessity.
Our experience with the control of other prices during the past few
months has brought out one important fact--the rising cost of
living can be controlled, providing that all elements making up the
cost of living are controlled at the same time. I think that also
is an essential justice and a practical necessity. We know that
parity prices for farm products not now controlled will not put up
the cost of living more than a very small amount; but we also know
that if we must go up to an average of 116 percent of parity for
food and other farm products--which is necessary at present under
the Emergency Price Control Act before we can control all farm
prices--the cost of living will get well out of hand. We are face
to face with this danger today. Let us meet it and remove it.
I realize that it may seem out of proportion to you to be over-
stressing these economic problems at a time like this, when we are
all deeply concerned about the news from far distant fields of
battle.
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