Mr. Speaker. right in the face of the worst competitive struggle that this country has ever faced. proposals are made that would expose our economy to a ruthless onslaught of low foreign costs such as we could not meet without cutting our wages in half. Our national income would drop precipitately. our taxpayment to the Federal Government would shrink and we would find more and more of our industries emigrating to foreign shores. The trend is already well established. Actually what we need is not greater exposure to a kind of competition that would be unlawful if it occurred in this country from domestic sources. because it would be based on wages far below our minimum and because it would involve practices that would reduce competition by running competitors out of businesswhat we need is not more of this type of foreign competition but an improvement in the domestic longrange outlook so that investment will be attracted into plant expansion. replacement of obsolescent machinery and other capital outlays that will employ more workers.
Keywords matched
emigrating