Word: labor
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Dates: during 1960-1969
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Anticipating a probe from the Administration, U.S. Steel's Chairman Roger Blough, veteran of the classic 1962 confrontation with President Kennedy over steel prices, turned wry in defense of his industry. Said Blough: "Washington can inflate the money supply with impunity, labor can raise wages far beyond gains in productivity, but hold steel prices down and everyone will be happy and rich-everyone, that is, except the steelmakers, of course...
Equal Scoldings. The Administration's first reaction to the steel price boost was to use it as further evidence of the need for a 10% surtax. Chief White House Economist Gardner Ackley gave equal scoldings to both labor and management, noting that the steel increase represented "another turn in the wage-price spiral." Speaking at a Washington meeting of the Business Council, President Johnson talked of responsibility: "We know that wage and price changes are inevitable-and desirable-in a free-enterprise system. But those changes must be restrained by a recognition of fundamental national interest in maintaining...
Steel's move should not have come as a surprise. Steel producers have been increasing prices by bits and pieces throughout the year. Just before Labor Day, the Administration finally reacted when Republic Steel upped the price of steel bars by 1.8%. The industry ignored Government protestations. What is more, steelmen went to Washington in September, made it clear that further increases would follow...
Last week's price hikes are not likely to be the last. When demand picks up as expected, companies in many other areas almost certainly will raise prices to alleviate their profit squeeze. Moreover, labor leaders meeting in Florida last week were moaning over the lag in buying power brought on by the rising cost of living. They made it clear that they are looking for fat settlements in 1968, when contracts expire in such major industries as aluminum, aerospace, rail, telephone, shipping, coal mining, and-inevitably-steel...
...restore a balance between steel and rolling-mill capacities. The merger of Salzgitter's shipyards, Howaldtswerke of Kiel and Hamburg, with Deutsche Werft, a private shipbuilder, into a vast enterprise with combined sales of $200 million will take place Jan. 1. Büssing will cut its labor force by 2,000, and has been ordered to try cooperation agreements with other truckmakers that might eventually lead to merger...