The Little Steel formula, for 16 months the Administration's chief bulwark against inflation, had all its underpinnings knocked out last week. Like all political structures, it did not immediately fall. The two big questions for all citizens:
1) How soon would the crash come? 2) What new defenses could the Administration raise behind it?
Little Steel, with its proviso that wages could rise 15% but no more over their Jan. 1, 1941 levels, was never intended as a permanent holding point. As a delaying device, it has worked well. The rush of economic...
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