Franklin Roosevelt actually said...

Seamen whose occupational status as such is found to be bona fide, entering the ports of the United States solely in the pursuit of their ca...

I am opposed to wage reductions because the markets of American industry depend on the purchasing power of our working population.

Industrialists kill the goose which lays the golden egg when they cut wages and thereby reduce purchasing power.

If price cuts are based on wage cuts, they are wrong.