Music Trade Review

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the outlook need not be hopeless. If there
were no remedy there would be no point
in making this statement. The reasons
for some optimism are as follows:
1. There is a growing public concern,
not only among economists and business
men, but also among the citizens of this
country, about the present inflation. This
concern is an encouraging sign. This in-
flation is not catching the American pub-
lic napping as have so many other in-
flations both here and elsewhere. Public
concern is rising in time to show to
statesmen and to politicians that steps
must be taken to correct it. The public
looks upon inflation as it looks upon the
communists, as a deadly enemy to our
American way of life.
2. There is a more wide-spread and
public understanding of the causes of
this inflation than appears to have been
the case in any preceding inflation. Not
merely the economists, but also business
men, farmers, members of labor unions
and consumers know that over-expan-
sions of credit, wasteful public expendi-
tures, an unbalanced government budget,
and even wage increases unaccompanied
by increases in productivity will raise
prices higher and higher and will carry
us down the dangerous and slippery
road to economic disaster.
3. Another hopeful aspect is that Con-
gress is more economy minded than it
has been for many years. The members
of Congress are doing more than has
been done in many years to check un-
necessary government expenditures and
to preserve the solvency of the nation.
With the support of the people, Congress
will, I believe, attempt to balance the
government's budget and to keep it in
balance. This is a prospect that is most
encouraging and deserves your support.
4. There are evidences of an increas-
ing number of wage earners who are
beginning to question whether the in-
creases in wage rates that they have se-
cured in recent years and that the unions
are still demanding, are really worth
anything. They, too, must see that in-
creases in wage rates, unaccompanied
by increases in productivity, merely
mean more dollars, but not necessarily
more goods. Furthermore, the gains so
obtained are clearly at the expense of
other people. In the long run such gains
are likely to be as useless as the ashes of
a spent fire.
5. There is certain to be a growing
public impatience with those who con-
tribute to or even allow themselves to
drift along with practices that contribute
to further inflation. This impatience is
not merely towards labor leaders who
press for higher and higher wages, and
who offer nothing in return in the form
THE MUSIC TRADE REVIEW, SEPTEMBER, 1951
of higher productivity. There is also evi-
dences of growing impatience with busi-
ness men, employers who grant wage in-
creases that have not been earned and
then add the increased costs to the prices
of their goods. There is likewise a grow-
ing impatience with the government for
urging proposals that are inherently in-
flationary and which do nothing to re-
vise or to wipe out the legislative and
administrative steps taken in previous
years that are not clearly seen to be the
causes of our present inflation. It seems
inevitable that there will be rising public
relations problems over any and all
causes of further inflation. Those who
promote such causes should not be too
surprised if they find themselves classi-
fied as public enemies.
The economy of this country was for
many years committed to the high policy
of producing wanted goods in large
quantities and at as low costs as pos-
sible. It was found that this could be
done by the cooperation of labor and
management. In return laborers re-
ceived higher and higher wages, but al-
ways in relation to gains in productivity.
During the past 15 years we have some-
how lost our adherence to this policy.
As a nation, we have acted as if we
thought that we could lift our standards
of living by making less and paying
everybody more. We need to rediscover
and to reestablish the policy of greater
production at lower prices, with higher
real income for all who participate.
Failure to take heed of this growing
wave of popular concern and indignation
against inflation is likely to grow. Public
opinion, once established is not easily
changed. Public opinion is not likely to
draw fine distinctions between foreign
enemies that would destroy this nation
by force of arms, and internal enemies
who would destroy our economy by de-
bauching our currency.
The gathering of these forces against
inflation are under way. They are sup-
ported by citizens in every walk of life.
The number of supporters is certain to
multiply. In these numbers of staunch
citizens is the real basis for hope for
the future. The need to save this country
from inflationary destruction is as im-
portant as the efforts of our gallant mili-
tary forces to defend this country from
enemies from without. We must not lose
on either front.
NPA Issues Booklet Showing
Serious Need for Scrap Metal
Aimed to help increase the current
dangerously low iron and steel scrap in-
ventories in this country, the National
Production Authority, U. S. Department
of Commerce, is distributing a booklet,
"Scrap for Steel Mills and Foundries
for Defense," to more than 200,000
executives of business, industry and
trade associations.
The booklet emphasizes that record-
breaking steel production and large
scale expansion of production capacity
has reduced scrap inventories of mills
and foundries to a new all-time low,
with some plants having only a few days
scrap supply on hand. If the nation is
to achieve its 1951 goal of 110,000,000
tons of steel ingots and castings,
36,000,000 tons of purchased heavy in-
dustrial scrap must be found, the book-
let says.
attention!...
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