Word: costs
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Dates: during 1950-1950
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Despite the rollback on auto prices and hints that prices in other industries may also be controlled soon, food prices continued to skedaddle gaily upwards (see NATIONAL AFFAIRS). But though food comprises a big 40% of the Government's cost-of-living index (v. 4.8 for autos), there was little talk in Washington about slapping on mandatory controls. Reason: there was nothing that Price Stabilizer Michael DiSalle could legally do to stop the rise in most foods...
What Washington was finally realizing was that the nation is on an inflationary merry-go-round that can't be stopped under the present law. As food rises, the cost of living rises. Since a million non-farm workers have wage rates tied directly to the cost-of-living index, they automatically get wage increases as the cost of living goes up. That, in turn, boosts the cost of manufactured goods, and is bound in time to force up even mandatory ceilings, if the companies are to remain in business. But when manufactured goods go up, parity goes...
...doubt that this arbitrary action complies with the letter or intent of the price and wage stabilization act." If auto prices were frozen, asked the automen, what about the price of raw materials? And what about wage contracts, which in the auto industry are directly tied to the rising cost of living...
...Irreparable Damage." The U.A.W.'s Walter Reuther, fearing a wage freeze, promptly sided with the industry against "pinpoint" price fixing. If Valentine's order meant that cost-of-living boosts were also outlawed, then the auto industry's long-term contracts with the U.A.W. might be voided, he said, and "irreparable damage" done to the "morale of all American industrial workers." To all these questions and criticisms, Valentine's office replied with a vague statement that it was studying the situation...
When Beech Aircraft's postwar business fell so low in 1946 and '47 that the company went into the red, Olive Anne mapped out the cost-trimming program that got it back in the black. Last week, with a backlog of more than $50 million and major subcontracts from Boeing, Consolidated and Lockheed, it looked as though Olive Anne's first year at the controls might well be a record-breaking one for Beech Aircraft...