Word: costs
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Dates: during 1970-1979
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...management announced that Time Inc. would commit $60 million to a five-year program aimed at making the paper profitable, but only under a condition: the paper's eleven unions had to replace their unexpired contracts with new five-year agreements allowing management greater flexibility and to take cost-saving measures. If the new contracts were not signed by midnight Dec. 31, the paper would close down permanently...
...city chosen by TIME because it closely parallels national price trends, a large number of goods and services have risen far more than 100% since 1967, while others have gone up much less. Only one item-long-distance phone calls-has declined. (In many cities, of course, the cost of person-to-person and collect calls has risen substantially...
...rising gasoline prices-the fuel is almost two times costlier now than in 1967-because they depend on buses and subways. Farmers, small-town folks and suburbanites are not so fortunate, since they need automobiles. But farmers have been able to insulate themselves from stunning increases in food costs-up 117% since 1967-by producing much of what they eat. As a result of Medicare and Medicaid, the elderly and the poor have largely escaped the exploding cost of hospitals (medical-care services have risen 122% since 1967) and doctors...
Blue-collar workers have generally stayed ahead of inflation by winning wage increases so large that the payments lately have actually begun to help force up the cost of living for everybody. Members of powerful unions like the steel and auto workers enjoy escalator clauses in their contracts that automatically boost paychecks as inflation rises. Military men and women have more than kept up with inflation because pay scales have been raised-in some cases spectacularly-to recruit and keep people in the all-volunteer services...
Also, a worker who stays on until 70 need not be paid a higher pension than he would have collected if he had retired at 65. Thus companies' pension costs will not rise; they may even drop, since a worker who retires at 70 will draw a pension for fewer years. The cost of providing life and supplementary medical insurance for older workers may rise, but that will be offset by guidelines that the Department of Labor will issue within three months. They will declare that an employer will not have to pay any more to provide benefits...