Word: hiked
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Dates: during 1970-1979
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...would greatly exceed his 5% wage-ceiling guidelines. The dam began to burst last fall, when Ford Motor Co. workers wrested a 17% raise after a bruising two-month strike. Since then, few unions have been willing to settle for less. The truckers, for example, have spurned a 15% hike proposed by the country's haulage firms and are demanding 22.5%; public workers want up to a whopping 41% increase. Even Callaghan himself has violated his own guidelines. In a fruitless effort to head off the government employees' walkout, he dangled increases of 8% to 9% before...
...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...
...ridicules talk about "the Soviet threat," experts are nearly unanimous in their assessment that Moscow has been arming at a faster pace than the West. In the past 15 years, for example, the Soviets have been increasing military expenditures by about 3% annually. NATO is pledged to such a hike this year, but this merely reverses years of frugality. From 1967 through 1975, in fact, the Pentagon's budget actually declined (when adjustments are made for inflation). There is little basis, therefore, for Brezhnev's assertion that the West's "military budgets are frantically growing...
...which the Khomeini loyalists are using that power is to hike their wages. According to a strike leader, the average salary in the oilfields in prestrike days was $71 a month. Now the workers have demanded, and received, across-the-board raises of 22½%. They have also ordered the Iranian army out of the fields. Says NIOC District Manager Amraie: "The workers are calling the shots. It's now what they wanted it to be-a strictly Iranian operation." The beleaguered executive admits that there have been some ominous telephone threats, but unlike his boss, Hushang Ansary...
...main reason for the price hike was clear. OPEC wanted to regain the purchasing power it had lost because of the dollar's decline, 28% since December 1976. Despite huge oil revenues, eight of the OPEC member nations ran deficits in the first half of 1978; as a group, they became the biggest international borrowers, with a total of $5.2 billion in loans and withdrawals. Surprisingly, many American businessmen do not blame OPEC for raising the price as much as it did. "If you take an 18-month time period," says Carlton Jones, manager of energy analysis at Pace...