Word: bosworth
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...proposal Carter's economic advisers considered too costly?the President gave in to the regulators. The Administration has won a few mostly symbolic pledges from some steel, aluminum-and automakers to limit price rises and executive salary increases. More dangerously, labor has refused to promise wage restraint. Meany calls Bosworth, a prune pleader for a wage hold-down, "that skinny redheaded...
Officials on the Council on Wage and Price Stability admit that Carter's anti-inflation policy has no hope of succeeding unless unions begin accepting smaller pay increases than they have come to expect in the past several years. Says COWPS Director Barry Bosworth: "Labor groups did not cause the food and energy price increases that initiated this inflation, but they are part and parcel of the process that keeps it going. We will just never achieve deceleration if each group waits for the others to act first...
...watched by union leaders as indicators of future trends. The Administration is optimistic that the postal workers, whose talks enter the hard-bargaining phase this week, will cooperate. The outcome of the railroad workers' negotiations is less certain. Their contract expired at the end of last year, and Bosworth fears that the new package might well reach 30% or so in increases over the next three years. If that happens, even companies like Bethlehem Steel would have a bona fide excuse to start raising their prices all over again...
...Carter Administration is paying dearly for its past support of inflationary increases in such areas as farm price props, the minimum wage, and Social Security benefits and taxes. "It will take a long time to overcome the inflationary actions of last year," says Bosworth, but he adds that the Administration is at last "taking a tougher line on anything inflationary." Indeed, the President and private business people were pressing the anti-inflation campaign on several fronts last week...
Wages. In its first public blast at a labor negotiation, Bosworth's COWPS condemned as "clearly inflationary" a 25.5% three-year wage offer that West Coast employers presented to 21,000 pulp-and-paper mill workers. Both Bosworth and Charles Schultze, the President's chief economic adviser, fear that labor is coming to take for granted annual 10% wage increases. Unless the trend is reversed, says Bosworth, "we might as well forget about decelerating inflation any time in the near future...