Word: guidelinesâ
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...Stage Two recommendations drawn up by President Carter's advisers center on wage-price guidelines???7% for wages and 6% for prices are the most widely rumored figures?that would be technically "voluntary" but nonetheless backed by a threat of federal penalties against violators. Okun speculates that the Government might require the 100,000 or so firms doing business with it to sign binding pledges to observe the guidelines before they are allowed to bid on the $80 billion worth of federal contracts awarded each year. Such a proposal is in fact on Carter's desk...
...availability of resources, they would try to estimate the economy's future needs for developing domestic supplies, expanding industries and raising capital. They would also attempt to project how many cars, houses and tons of wheat, steel, paper and other products the economy would demand. Then they would propose guidelines???tax and investment incentives as well as broader monetary and fiscal policies?for meeting those goals. Whenever the President or Congress floated major legislation, they would estimate its effects on prices and jobs...
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