Word: rollbacks
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...Administration "jawboning" against big wage and price boosts. President Ford himself asked for and signed into law last week a bill creating a new Council on Wage and Price Stability, headed by Rush, that will monitor increases and decry those that seem excessive. It has no subpoena, suspension or rollback powers, but these could be added if the council proves ineffective. A surprising number of economists, ranging ideologically from Joseph Pechman, a former adviser to George McGovern, to Milton Friedman, onetime adviser to Barry Goldwater, predict that Ford eventually will feel compelled to revive full wage-price controls, though...
Officially, the President pronounced himself "encouraged" by GM's mini-rollback. "I am confident," he said, "that this action will be but one of many examples of restraint by management and labor." Unofficially, Ford's economic advisers breathed a sigh of relief. In their view, the Chief Executive had taken an uncalculated, ill-informed risk that unnecessarily put his prestige on the line when the nation's economic woes could least afford a blow to the new Administration's credibility. It is clear that GM recanted mainly to get the new President off the hook...
...signed the price-restraint agreement, "a display of consummate gall." He confined himself to calling the Ford increase "unwarranted" and conceded that Ford's data "indicate that costs per unit have risen above those projected." Since general wage-price controls have expired, Dunlop cannot order a rollback; to get the Ford increase canceled or reduced he would have to go to court, and it is doubtful that the White House would permit the Justice Department to take the case. Since he has no other option, Dunlop's only hope of containing the auto-price rise appears...
...would tax away "excess" profits that are not quickly spent to increase supply. The tax bill also would raise oil company taxes $16 billion over the next six years by phasing out the depletion allowance and tightening taxes on foreign profits. President Nixon has threatened to veto the price rollback and excess-profits tax if he considers them unduly punitive. But siding with the oil industry is becoming increasingly unpopular for any politician...
...delay and rollback orders, which it should use sparingly. In addition, Congress should continue formal controls at least over the construction and health-care industries. Cost of Living Council Chief Dunlop argues correctly that the restraints of the market do not operate effectively in these industries. If controls are lifted, he fears a construction wage explosion, and calculates that hospital charges and doctors' fees would rise $4.1 billion a year more than they otherwise would...