In his September fireside chat Harry Truman meaningfully told labor: "Do not ask for wage increases beyond what is needed to meet the rise in the cost of living." Worded as an admonition, it was also an invitation. Since then, the cost of living has been rising and labor has been asking. With prices up about 7.1% and profits up nearly 15% since the invasion of South Korea, employers did not put up much resistance. Some did not wait to be asked: they wanted to hang on to their help.
Pay raises already...
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