Word: pledgersâ
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Dates: during 1978-1978
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Okun concedes that a binding-pledge policy would be a "do-or-die, make-or-break" gamble. If so many businessmen refused to sign that the Government was forced to buy from non-pledgers???or, worse, if the Administration winked at violations as the price of avoiding crippling strikes?President Carter would lose all chance of winning wage-price restraint. In Okun's view, the risk in not adopting a tough guidelines policy is worse: negotiations next year in the construction, auto and trucking industries could result in a wage explosion that would push inflation firmly back to double-digit...
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