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Editorial
June 7, 1957
Toledo Union Journal
Toledo, Lucas County, Ohio
What is this article about?
Editorial refutes claims by National Association of Manufacturers and U.S. Chamber of Commerce that wage hikes fuel inflation, citing 1957 Q1 profit surges in financial journals due to price rises outpacing costs. Urges congressional probe into profiteering.
Clipping
OCR Quality
98%
Excellent
Full Text
Propaganda Exposed
THE NATION'S top financial papers are giving the lie to slick propaganda emanating from the National Association of Manufacturers and U. S. Chamber of Commerce that wage increases are contributing to a rolling inflation and creating a "profitless prosperity."
First quarter figures reported in both the Wall Street Journal and the Journal of Commerce reveal profits for the first three months of 1957 running well ahead of the same period in 1956 and topping earnings for the record year, 1950.
The Journal of Commerce noted higher profits stem from a higher margin of profits per dollar of sale since the volume of production has remained remarkably stable.
This means simply that price increases have far outstripped increases in costs, including wage increases.
As the Conference on Economic Progress points out in its latest study, "Consumption—Key to Full Prosperity," a congressional investigation of "administered price inflation and profiteering" is long overdue. Let's have it soon—and get all the facts!
THE NATION'S top financial papers are giving the lie to slick propaganda emanating from the National Association of Manufacturers and U. S. Chamber of Commerce that wage increases are contributing to a rolling inflation and creating a "profitless prosperity."
First quarter figures reported in both the Wall Street Journal and the Journal of Commerce reveal profits for the first three months of 1957 running well ahead of the same period in 1956 and topping earnings for the record year, 1950.
The Journal of Commerce noted higher profits stem from a higher margin of profits per dollar of sale since the volume of production has remained remarkably stable.
This means simply that price increases have far outstripped increases in costs, including wage increases.
As the Conference on Economic Progress points out in its latest study, "Consumption—Key to Full Prosperity," a congressional investigation of "administered price inflation and profiteering" is long overdue. Let's have it soon—and get all the facts!
What sub-type of article is it?
Economic Policy
Labor
What keywords are associated?
Inflation
Profits
Wage Increases
Propaganda
Administered Prices
Congressional Investigation
Profit Margins
What entities or persons were involved?
National Association Of Manufacturers
U. S. Chamber Of Commerce
Wall Street Journal
Journal Of Commerce
Conference On Economic Progress
Editorial Details
Primary Topic
Exposing Business Propaganda On Wages And Inflation
Stance / Tone
Critical Of Manufacturers' Claims, Calls For Congressional Investigation
Key Figures
National Association Of Manufacturers
U. S. Chamber Of Commerce
Wall Street Journal
Journal Of Commerce
Conference On Economic Progress
Key Arguments
Wage Increases Not Causing Inflation Or Profitless Prosperity
1957 First Quarter Profits Exceed 1956 And 1950 Levels
Higher Profits From Increased Margins Per Dollar Of Sale Due To Stable Production Volume
Price Increases Outstrip Cost Increases Including Wages
Congressional Investigation Into Administered Price Inflation And Profiteering Is Overdue