The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-07-29
ROOSEVELT ACTS
TO DRIVE DOWN
LIVING STANDARD

A44 ~ VIZ ~ H ~ W. AAsAC
IT is easy for an exploiting class in
one country TO be objective in
Yiewing the policy Of a competing
mperialist power.
No matter how hard Roosevelt
nay try to befuddle the workers in
the United States about raising
wages" and Towering hours" no
natter if he does speak himself blue
n the face about raising the pur-
Elnasing power Of the masses, the
British capitalists, as well as Wall
Street, are content that the real
purpose is to lower wages and the
standard of living Of the American
uorkers.
The Financial Times" of London
laading financial organ of the "City,"
: ondon's equivalent of Wall Street,
rsgarded as an authority in the
Whole capitalist world on economic
matters, on July 26th said:
president Roosevelt is doing
something which must inevitably
result in lowering the average
standard of living in his country,
or at least must prevent the stand
ard from recovering to the level
which the average American would
consider normal"
70 beating about the bush here.
Il The chief competitor of Wall
treet in the world markets and for
Uorld financial domination realisti-
cally describes the aims of the Roose-
cit program. But not to shed tears
ever the coolie standards of the
merican workers. They find neces-
lry correct estimation better to
Ian their program of struggle
yainst their own workingclass and
} contend for world markets. If
nerican imperialism is driving down
ne standard Of living of the Amer
IAN workers it will gain an advan-
age in the economic war for world
arkets. This is what the London
Financial Times" grasps. 1t sees,
furthermore, increased imitation
rowing out Of this program.
THE minimum wage" they say,
must render the position of less
emunerative industries intolerable
nd stimulate the demand for fresh
oses Of imitation"
Now lei us turn to Wall Street.
The counter part of the London
Financial Times" in the United
tates, is the Wall Street Journal.
nd they have something to say, too,
bout wages and profits under the
3oosevelt scheme.
THE July 9th issue of the Wall
Street journal, arguing that it is
ute proper, if imperialism is to get
gut Of the crisis, for the bosses to
rcrease profits while wages lag far
behind SAYS:
TN the familiar or natural re-
covery process the rise of both
wages and employment from de-
preston levels Iags behind the add
vancing price level. That time
lag has heretofore been considered
wholesome because it operated to
restore profit TO the employer, or
enlarge his profit margin, and so
encourage him TO expand his pro-
duction or his part in distribution,
taking the usual calculated buSi-
ness risks in doing so. The wage
lag was therefore, expected to act
as powerful stirnulant to further
general recovery, and ultimately
and indirectly, to greater employ
ment and higher wages"
Here is brutal exposition of the
capitalist way out of the crisis, the
aim of the Roosevelt program.
IT is natural" for capitalism to
! raise prices-basically the cost of
living-while pushing wages down, to
have wages flag behind the advance
Ing price level" 1t is actually whole
SEINE" even inevitable, says this
mouthpiece of the parasite coupon
slippers, if capitalism is to get out
of the crisis, for wages to lag in
order ito restore profit to the en-
ployer, or enlarge his profit margin"
1t is necessary for 100000 work.
ers to starve, and for the employed
10 take bread out of their mouths
and see their children grow thin and
rickety or die of starvation in order
Tor capitalism to be wholesome and