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This newspaper page contains 9 articles. Subscribers can read the full text of each article.
Newspaper
Denton Journal
Location
Denton, Maryland, United States of America
Date
May 30, 1948
Page
10
A New York Times piece by Russell Porver notes mixed views on inflation. It cites business leaders who favor lowering prices to curb runaway inflation and warns against economic collapse without joint action by labor and government.
Two schools of thought divide on tax relief versus debt reduction with a possible middle ground. Advocates urge substantial income tax relief and budget cuts to spur production and investment, while others prioritize orderly debt reduction to curb inflation and restore solvency. A balanced bill could unlock revenue and encourage risk capital.
The Lamp reports new science enables gasoline from natural gas tar sands oil shales and coal. It notes vast shelf oil could exceed current consumption but would be costly to extract. Technological advances promise cheaper refining narrowing the gap with crude oil. Oil for future centuries appears assured through diverse energy reserves.
The Association of American Railroads rejects claims of sectional car discrimination noting more open top cars in the West and more box cars in the East as normal. President William T. Fariey argues cars are allocated nationaly, with ownership percentages cited and a push to move cars where most needed to serve all shippers.
The piece argues widespread public fatigue with union abuses and notes state actions to curb the closed shop, banish excessive picketing, and regulate union finances. It warns that some reforms may face constitutional challenges but urges labor to reform and cooperate to avoid harsher future measures.
The author argues price problems hinge on government and labor as well as business. Government spending and labor demands drive inflation while production per hour remains weak in key industries. Cooperation among government, labor, and business is needed to curb the inflationary spiral.
Governors of Far Western states denounce deep cuts to the Reclamation Bureau and demand restoration of funds. The piece argues budget cutting should not hurt local projects and warns that public demand fuels a growing supergovernment and threat to constitutional limits on powers.
Economic highlights note a fading postwar spending boom with many lines tapering or halting. Wall Street Journal analysis by Vermont Royster cites millions in consumer and installment credit growth in 1946 and March year over year, signaling a shift to living on next week’s paycheck and reduced cash purchases.
The return to credit buying lowers savings from 24 percent of income in 1945 to about 10 percent, despite wage gains. Consumers curb purchases as living costs rise, luxury amusements falter, and inventories grow. Building booms falter, GI loans and high home prices deter new homes, unemployment nears 2.4 million while car orders backlogs shrink consumer demand.
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