Evening star., 1947-07-21
Economic
Continued From First Pageo


of the industry" He repeated that
the size of the increase had been
exaggerated and that the coal in
dustry and industries dependent
upon coal should make every effort
to absorb the higher cost, through
higher productivity and reduction
of profits.
Declaring that increases already
made in coal prices ARE contribut-
ing to inf1ationary pressures," MIR
Truman said ''pyramiding of price
advances by coal distributors is
wholly unjustif1ed."
He asked steel producers to go
slowly in raising prices as a result
of higher coal costs, saying the in
dustry should be able to absorb the
difference over short period In
view of recent favorable earnings. y
Housing Seen as Job Insurance.
I'm no case should the particular
wage increases in the mining in
dustry be made the basis for wage
demands in other fields governed
by different circumstances" he
said.
Mr.. Truman looked to housing
and other types of construction to
take up considerable of the slack
in employment when the backlog
of industrial and consumer demand
is satisfied and high export drops
off.
THE needed stimulus to more
housing construction, and also to
industrial and commercial construc-
tion," the report continued, de
pends largely upon lower prices.
Housing costs can and should be
substantially lowered through the
efforts of material suppliers, build
ers and workers.
"Of utmost Importance is immedi-
ate enactment of the comprehensive
housing program which I have pre-
viously recommended to the present
Congress. Without such a law, hous-
ing is seriously handicapped"
The report recognized the fact
that recent heavy exports resulting
from the foreign aid program have
created some strain on the econ
omy," but said this should be OF
short duration.
Mr.. Truman told Congress that his
experts already are working on long
range economic programs which will
be needed to keep the Nation pros
porous and healthy, and that they
will be completed for presentation
by next year.
"They embrace resource and
regional development, health and
welfare, antimonopoly programs
stabiliation devices and many other
undertakings essential to the full
realization of our superb economic
potential" he said.
OF the failure of Congress to act
on his short-range legislative pro-
Crane, he said:
THE fact that this delay has not
yet produced bad results is no rea-
son for further delay. Waiting until
bad results appear means that ac-
ton is too late to be fully effective.
Need for Planning Stressed.
Discussing the need for planning
and for help from Congress and the
Nation. he stated:
we must adjust our minds to the
fact that we are living in a $685.
00O, 100000 economy; that our free
enterprise system has become today
and tomorrow must continue to be
the richest and most powerful pro-
ductive machine ever devised by the
minds and hand Of man. Our task
is to create for the functioning of
this great productive force an en-
vironment in which it can operate
smoothly at capacity.
Thus far we have avoided the
economic misfortunes which fol-
lowed World War I and then
eliminated in disastrous depres-
sion in 1929. Today we are wiser,
more experienced, infinitely more
blessed with material riches, more
united as a people, stronger as a
Nation.
IF. calmly and realistically, we
assess our strong points and our
weaknesses and boldly take neces-
sary steps in time, we can place the
high production and the high en-
ployment that we have today on a
firm foundation of enduring pros
peritv and Deace"