Word: output
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There is even an argument that it is not worth the effort to continue trying to control strategic arms because SALT so far has accomplished little. Weapons output and costs, for example, do not seem to have decreased under SALT I. And certainly no treaty is better than a bad treaty. Still, it ought to be possible to negotiate an accord, in SALT III or IV, that would stabilize the nuclear balance and provide a high enough level of confidence so that both superpowers could finally brake their strategic arms efforts...
...union wages have tended to go up faster than the inflation rate. Meanwhile, nonunion workers have begun to expect similar-sized raises, and companies pay them-often simply to keep skilled employees from quitting. Since productivity has not come near staying even with the growth of the paychecks-output per hour worked has risen about 2% on average since 1970 -companies have had to cover their costs by raising prices. With inflation mounting at an alarming rate of 11.4% in April, it has become more difficult than ever to break the cycle...
...Worker output slackens around the world...
Since productivity is a key indicator of a nation's economic vigor, the figures issued last week by the Labor Department made sober reading. According to the study, 25 of 66 major industrial groups showed outright declines in the hourly output of their workers in 1977. As a whole, the rate of rise in productivity in the manufacturing sector slowed markedly last year to only 2.2%, vs. 6.8% in 1976. The biggest drops were in clay-working (down 7.4%), grain-milling (7.1%) and footwear (4.3%) industries. Productivity in the coal industry fell...
Production is no problem. The U.S. could raise its food output by 30% or 40% within the next decade, Wyman estimates-if it had a market that would pay. The hang-up is that "getting the food from here to places like India is all out of proportion to the payoff. But the U.S. Government could offer some incentives so that business would find it profitable...