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the Congress gave authority to President Truman he faifbd t» exercise it until several months later after serious inflation was under way. One reason the controls then imposed were not more effective was that prices already were so badly out ©f balance that no equitable way could be found to adjust them without hurting innocent businessmen along witfi the comparatively few profiteers who had tried to take selfish advantage of a national emergency. ^
There are two definite reasons for considering stand-by control legislation now T O) We do not know to what extent fighting in Korea will be stepped up, requiring increased military supplies which would put a new inflationary strain on our civilian economy. (2) We do not know at this time how far the eleven nations >f Europe which joined us in signing* the Atlantic Pact will go in forming a political, economic and military'union that is the key to our foreign policy.
Our allies not only have been dragging their feet on the European program but are giving no help in solving the Korean problem. They are unwilling to furnish additional troops for service in Korea themselves and have opposed suggestions to improve Hie situation of our combat troops who have caried the brunt of the fighting If we are forced to continue to rely almost entirely on our own efforts, the strain on our economy naturally will be’ much greater than if we could count on international forces to block communism in Europe and to meet new threats n other quarters.
The future of our economy also will be influenced by our foreigpi trade policies. We have on the one hand such suggestions as that i Henry Ford II that we do away with protective tariffs and on the other such proposals as the one to ban meat imports to protect our cattle raisers. Ford's proposal could not be carried out, except on a very long range basis without serious injury to industries which have grown up depending on a measure of protection
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