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Editorial
July 24, 1956
The Farmville Herald And Farmer Leader
Farmville, Prince Edward County, Virginia
What is this article about?
Editorial criticizes impending inflation from steel strike wage hikes and Social Security expansions providing new pensions to women aged 62-64, disabled workers over 50, disabled children, and covering professionals, warning of higher taxes, dollar devaluation, and reduced liberties.
Clipping
OCR Quality
98%
Excellent
Full Text
Up She Goes Again
The steel strike is still in progress. Negotiators have not yet found a formula for its settlement. The best thinking is that a boost in wages will be effected, which will set another inflationary spiral for American industry and in the cost of living. Where this trend will finally bring the nation is still a source of worry for those who believe in good stable fiscal policies.
If the spiral follows the general pattern of the past a wage rise will be followed by a price rise in steel, which will touch off other price rises. The inflationary pressures may find tightening of credit expansion in an effort to effect some control. Generally the tightening of credit brings a slowing up of business, so that unless inflation gets out of hand, the government will not exert its brakes until after the elections in November. Politics plays a big part in every phase of our community life and our individual living. The pity it is that so few people take an active interest or have any conception of politics.
Payroll taxes to support Social Security are in for a raise to pay additional benefits. 800,000 women, age 62 to 64 will be able to retire on pensions without waiting until age 65; 250,000 disabled workers past 50 will become eligible for old-age pensions; 1,000 disabled children will draw benefits; 200,000 or more professional people, doctors and lawyers, etc. will be 'covered' by the social security system for the first time.
It all adds up to another inflation spiral; cheapening of the dollar; more government taxes and a tighter rein on the every day life of every citizen of the nation. More paternalism and less individual liberties.
Up she goes again!
The steel strike is still in progress. Negotiators have not yet found a formula for its settlement. The best thinking is that a boost in wages will be effected, which will set another inflationary spiral for American industry and in the cost of living. Where this trend will finally bring the nation is still a source of worry for those who believe in good stable fiscal policies.
If the spiral follows the general pattern of the past a wage rise will be followed by a price rise in steel, which will touch off other price rises. The inflationary pressures may find tightening of credit expansion in an effort to effect some control. Generally the tightening of credit brings a slowing up of business, so that unless inflation gets out of hand, the government will not exert its brakes until after the elections in November. Politics plays a big part in every phase of our community life and our individual living. The pity it is that so few people take an active interest or have any conception of politics.
Payroll taxes to support Social Security are in for a raise to pay additional benefits. 800,000 women, age 62 to 64 will be able to retire on pensions without waiting until age 65; 250,000 disabled workers past 50 will become eligible for old-age pensions; 1,000 disabled children will draw benefits; 200,000 or more professional people, doctors and lawyers, etc. will be 'covered' by the social security system for the first time.
It all adds up to another inflation spiral; cheapening of the dollar; more government taxes and a tighter rein on the every day life of every citizen of the nation. More paternalism and less individual liberties.
Up she goes again!
What sub-type of article is it?
Economic Policy
Labor
Taxation
What keywords are associated?
Steel Strike
Inflation Spiral
Wage Increase
Social Security
Payroll Taxes
Government Paternalism
What entities or persons were involved?
Steel Strike Negotiators
Government
Social Security System
Editorial Details
Primary Topic
Inflation From Steel Strike Wages And Social Security Expansions
Stance / Tone
Critical Of Inflation And Government Paternalism
Key Figures
Steel Strike Negotiators
Government
Social Security System
Key Arguments
Steel Strike Wage Boost Will Trigger Inflationary Spiral In Industry And Cost Of Living
Wage Rises Lead To Price Rises In Steel And Other Sectors
Credit Tightening May Slow Business But Delayed Until After Elections Due To Politics
Social Security Payroll Tax Raise To Fund New Benefits For Women, Disabled Workers, Children, And Professionals
Expansions Add To Inflation, Cheapen Dollar, Increase Taxes, And Reduce Individual Liberties