Labor Will Not Suffer Much.
On the other hand the general consumer of farm products will suffer from
another advance in that part of his cost of living, while the debtor
classes will suffer from the fall in bonds or rise in interest. Many
speculators on the Stock Exchange, those who have speculated for a rise,
are in effect undoubtedly ruined already, and many borrowers at banks on
collateral security will feel the pinch from the depreciation of their
property and the hard terms of renewing their loans.
And the laboring man, who forms the majority, what of him? It seems
improbable that he will be greatly affected, that is, on the average. He
will have to pay more for his food, and food constitutes more than a
third of his budget. But some articles he buys will probably fall and he
may secure higher wages because of the withdrawal of competing laborers.
Some labor may rise, especially in the industries benefited by the war,
such as, for instance, farming and other food industries, canning, flour
mills, sugar, &c., the automobile industry and perhaps ammunition and
steel. In other industries thrown out of gear for lack of foreign
markets or for lack of foreign raw material, the wage earner may lose in
wages and employment.
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