If workmen are denied any increase in real wages and they can look forward only to a better standard of living through reduction of prices, progress for them is terribly slow, and they become impatient and dissatisfied.

The prices of raw materials do not fluctuate directly with the labour cost of producing them.

Many people do not realize that where unions have bargaining rights employers cannot raise wages or improve benefit plans any more than they can reduce them without of the consent of the union.

A study of the history of wages back through the years indicates clearly that when the cost-of-living rises appreciably wages have shortly been adjusted upward also.

That the way to achieve higher standards of living for all is through science and technology, taking advantage of better tools, methods and organization.

In my fifty years of experience and memory, I have seen the most amazing increase in the standard of living of a people ever achieved anywhere in the world. This is why I am so sure that our system of free competition and industrial development is sound and must be preserved.