Its time to start stocking up on the spam and bottled water — to run for the hills — if politicians start talking like this again:
For the first time in the history of depression, dividends, profits, and the cost of living, have been reduced before wages have suffered…. They were maintained until the cost of living had decreased and the profits had practically vanished. They are now the highest real wages in the world.
Prices need to adjust. It is their destiny. If prices can’t adjust, quantities will adjust. By “quantities”, I mean your job and by “adjust”, I mean you’ll lose it.
In other words, cool kids don’t vote for politicians that use phrases like “price controls” or “wage maintenance”.