Economic freedom is, in fact, the requisite of greater prosperity for every American who earns his own living. In the field of labor legislation, only a law that merits the respect and support of both labor and management can help reduce the loss of wages and of production through strikes and stoppages, and thus add to the total economic strength of our Nation. We have now had 5 years' experience with the Labor Management Act of 1947, commonly known as the Taft-Hartley Act.