Wage Stabilization Board
The Wage Stabilization Board (WSB) was an independent agency of the United States government. Its function was to make wage control policy recommendations. The WSB would then implement such wage controls as were approved. There were two agencies with the same name. The first, the National Wage Stabilization Board, was the successor to the National War Labor Board. It existed from January 1, 1946, to February 24, 1947. The second, the Wage Stabilization Board, was a part of the Office of Defense Mobilization. It existed from September 9, 1950, to February 6, 1953.
The Korean War broke out on June 25, 1950. There was an initial surge of inflation in the American economy. But soon Truman's war mobilization effort began to achieve some success in stabilizing the economy.
References[change | change source]
- "Executive Order 10161, September 9, 1950," John Woolley and Gerhard Peters, The American Presidency Project
- Michael J. Hogan, A Cross of Iron: Harry S. Truman and the Origins of the National Security State, 1945-1954 (New York: Cambridge University Press, 1998), pp. 353–55