President Roosevelt’s declaration in February of 1938, “I am opposed to wage reductions” prompted a pride of swells across the Fruited Plain to ramble-on about the subject. This column consists of ten quotes written by numerous economists and businessmen who were asked for their opinions by the editors. The remark made by the Walter E. Spahr, former professor of economics at New York University (and later Princeton) made particular sense to the lavishly over-paid editors at OldMagazineArticles.com:
“The President’s pronouncement is in direct conflict with the economics of these problems. Rigid wage rates during a recession increase unemployment. Impairment of prospects for profits decreases capital investment, retards business activity and increases unemployment…”
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