Word: laborer
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Dates: during 1960-1969
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...abandon many of their inflationary programs and practices. The Nixon Administration this year began a joint Government-business-labor effort to avoid work stoppages, end restrictive practices and reduce price increases in construction, the nation's most flagrantly inflation-ridden industry. The highly inflated costs of medical care could be brought down if a powerful union?the American Medical Association?would permit less highly trained "paramedical" workers to perform simple functions like applying bandages and giving injections. Federal purchases could be more adroitly timed to take advantage of favorable prices. Government regulatory agencies might abolish minimum rates for freight shipments...
...dealing with the reality of inflation and the possibility of recession, Nixon so far has shown a deep reluctance to intervene in the private economy. He has rejected price guidelines, personal pressures on business and labor leaders, and outright controls. His policy coincides with Friedman's fundamental ideology?a strong aversion to Government interference?and places great emphasis on lower federal spending, as well as the monetary measures that Friedman has illuminated and popularized. Manipulation of the money supply operates indirectly on the economy, but its impact is ultimately massive and touches the lives and fortunes of nearly everyone...
...prices, which often continue rising long after general business turns soft, have continued to climb. They are rising faster than wages?and wages are rising faster than workers' productivity. When productivity slackens, real labor costs go up, and companies often make up the difference by increasing the prices of their products. The cost of living rose 5.9% this year and has gone up by 20% since 1964. The dollar of that year is worth only 84¢ today...
...rising fears of recession show that the Administration is at last making headway in its difficult fight against inflationary psychology. All year, Nixon's economic lieutenants have been trying to create a degree of uncertainty in the minds of businessmen, labor and consumers about the prospect for continued prosperity. Many experts find the present outlook no cause for alarm. Arthur Okun, the former head of the Council of Economic Advisers, calls the chance of either a recession or a continued boom "a long shot." By his handicapping, the Government stands a 50% chance of bringing the inflation rate down...
Edward J. Powers, Harvard labor relations manager, said yesterday that the laborers had not informed him of the rejection of the contract. He declined to comment on the dispute until he received the union's formal ratification...