Word: restraint
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When Giaimo opened the House debate two weeks ago, declaring that "congressional restraint is imperative," the first stiff challenge came from a fellow Democrat, New York's Samuel Stratton. He wanted to add $2.4 billion to the proposed defense budget of $115.7 billion (compared with this year's Pentagon budget of $110.1 billion). In private, Giaimo had pleaded with Stratton: "Look, if you put your amendment in, you're playing into the hands of those who want to defeat the budget resolution. Leave it alone." But Stratton would not budge. Fumed Giaimo: "How the hell...
...never in doubt. "George Meany has nothing but contempt for Carter," one union staffer confided before the meetings. "The way George sees it. Carter doesn't have any real sympathy for the labor movement." A more laconic labor strategist called the outcome of the meeting on wage restraint before it took place...
...nothing." In an earnest 20-minute speech, Carter diplomatically stopped short of asking Big Labor for a public endorsement of his voluntary wage guidelines, which seek to hold wage hikes below the 7.5% average of the past two years, but he did ask for general support for wage restraint without guidelines-if prices ease...
Democrats on the board believe that the prime cause of inflation is the psychology that grips business and labor. Thus they argue that the President's efforts to induce "voluntary" restraint are worthwhile. Says Robert Nathan, a Washington economic consultant: "The most important thing in holding down inflation is to get business and labor's cooperation on prices and wages." Everybody agrees that winning labor support is remote, especially after George Meany last week thumbed his nose at Carter's importuning for restraint. Arthur Okun, a senior fellow at the Brookings Institution, notes that the rate...
...have asked for and aren't ones we have applauded." Wisconsin Democrat William Proxmire, the Senate Banking Committee chairman, who cast the sole negative vote against Miller's nomination, groused that the federal funds advance was wrong because "the economy is not at a point where restraint is appropriate." Investors have shown no such concern. The born-again stock market, say some Wall Streeters, is the "Miller market...