Word: bosworth
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...consumer price index for April, due out this week, will be a "disaster," warns Barry Bosworth, director of the Council on Wage and Price Stability (COWPS). May's figures will not look much better, he adds, and prices will not start to level out until June at the earliest. Partly because of last winter's blizzards, food prices climbed 16.4% in the first quarter. Beef has jumped at an annual rate of 41 % since January, and wholesale prices are spurting, meaning that retail prices will continue to rise...
...limited by law to watching the wage and price activities of industry and the spending programs of Government. When either area shows signs of adding to inflation, COWPS can do little more than send a memo to the White House and hope that someone will read it. Under Bosworth, the council's formal powers remain negligible but the new director has infused COWPS with a sense of urgency it never had before...
Scarcely a week goes by without a new Bosworth inflation alert landing on the President's desk. His memos have attacked the nation's doctors for raising their fees 50% more than the increase in the cost of living last year. He has accused farmers of asking for crop subsidies that might create double-digit food inflation next year. He has criticized Congress-and indirectly even the White House-for appearing to cave in to the farmers' demands. Bosworth has also become an effective jaw-boner. Two weeks ago. he masterminded the Administration's successful effort...
Married and the father of two sons, aged nine and five, Bosworth used to devote himself to hobbies of woodworking and making hand crafted stained glass. He gets little time for those pastimes these days; most often he is seen heading home from his office weighed down with stacks of inflation statistics. He sees voluntary wage-price restraint by unions and management as the only way to check inflation. But he thinks that there is no chance to get that cooperation unless the Government sets a convincing example. Says Bosworth: "If you're going to harangue others to show...
That was the burden of a 15-page memo that Bosworth sent around to top Administration officials last month, outlining a number of concrete steps the White House could take to get its own affairs in order. The best evidence of Bosworth's rising influence is that nearly all his suggestions now appear in the Cabinet-level decision paper on anti-inflation policy that is sitting on the President's desk. Says a White House aide: "Within the Administration his talents are well recognized. It's outside that he has problems. The presidents of these big corporations...