Word: boostings
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Dates: during 1970-1979
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...weak in the breaststroke events since the premature departure of Tuomo Kerola, have some flexible talent in Hackett, sophomore standout Mike Coglin, and Maximoff, which leaves room for strategy in the butterfly, IM, and freestyle events. Jamie Greacen and Steve Schramm can be counted on to provide a huge boost in the diving, and Malcolm Cooper and recently returned Julian Mack will have to hold down the sprints...
Fights will doubtless occur over which parts of the budget to trim. Probably the biggest clash will be on defense spending, which Carter wants to boost by 3% in real dollars. Exercising more influence in the Budget Committee than in the House as a whole, advocates of increased social spending may be able to prevent the hike in military spending. Says David Obey, a liberal Democrat from Wisconsin: "I am not going to tell old people that they have to bear a double load because our NATO allies need more money for defense...
...save the system from being bankrupted by the rise in payouts, Congress passed the biggest tax increase of any kind in history: $227 billion over ten years. As angry workers were reminded when they opened their first paychecks of 1979, the initial boost mandated by the new law took effect New Year's Day. The real impact for many will be felt later in the year, as Social Security payroll deductions that stopped in 1978 when an employee had earned $17,700 continue until he or she reaches $22,900. That person's total tax goes...
...often pay more in Social Security than in income taxes. But even that is not all. In theory, employers pay Social Security taxes equal to those levied on their workers. In practice, the public pays the employers' share too, because companies raise prices to pass along the boost. This year's increase may add half a point to the U.S. inflation rate; the bigger rise in 1981 will push prices up much more. Some bosses may also choose to hire fewer workers because the tax raises the cost of each employee. So the increases probably will aggravate unemployment...
...pact would give more than 60,000 of the members of the Oil, Chemical and Atomic Workers Union (OCAW) a 73?-an-hour pay boost in the first year, which is an increase of 8%, and a 5% raise in the second year. That averages out to just under 7% annually, but there is also a clause allowing a reopening of contract talks in the second year...