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Newspaper
Cincinnati The Sun
Location
Cincinnati, Ohio, United States of America
Date
Aug 01, 1947
Page
8
Federated Press notes a rising national income contrasts with wealth concentrating at the top. The U S Federal Reserve Board released a study on purchasing power distribution, revealing a widening gap as wealth concentrates amid overall economic growth.
A 1946 analysis shows 40 percent of families earned under 2000 while 10 percent earned over 4850. The top 10 percent held 32 percent of income and 60 percent of savings. bottom 50 percent had 3 percent of savings and earned wages. Inflation worsens living costs, demanding major income redistribution.
The piece accuses the American Meat Institute of warping facts to minimize profits while listing large postwar earnings for Swift Wilson and other packers. It also criticizes Hearst papers and calls out Walter S. Steele for pro fascist ties and nationalist ventures dating back to the 1920s.
The Cincinnati Real Estate Board disclosed its dues support for the real estate lobby after President Truman denounced it. Secretary Harry Mohlman said national Washington Committee receipts were overstated and that Cincinnati contributed about $1500, helping kill rent control and block housing legislation.
The CIO campaign in the southern states raises wages for Georgia textile workers with an average annual pay increase of $349 in the first year.
The article reports per capita education expenses showing white children receive 78 dollars while Negro children receive 41 dollars in ten southern states, highlighting racial inequity in school funding.
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