Word: rollbacks
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...workers, must keep records that Internal Revenue Service agents can spot-check. After it gets the reports, the Cost of Living Council can demand explanations of increases that seem to violate the guidelines, set interim price and wage levels while investigating, and issue formal rollback orders. Treasury Secretary Shultz said violators "will get clobbered...
...Cambridge Rent Board has proposed that a general rent rollback be effected as soon as court rulings permit...
...Graduate Student Association at Pennsylvania voted to support the sit-in and urged students to withhold payment of tuition and rent until the university guarantees a tuition and rent rollback to the previous level...
Both the aerospace wage decision and the steel price rollback provided encouraging signs of a slowdown in the wage-price spiral. In recent years, unions have justified exorbitant wage settlements by pointing to ever higher cost of living increases, and companies have been able to pass along higher costs to the consumer almost with impunity. That game of economic leapfrog now has some new rules. As aerospace workers and steel executives learned, those who jump too far are apt to land out of bounds...
...Living Council modified price rules less than a day after they had been posted. Some of the nation's largest firms that face imminent increases in wages, including automakers, will be allowed to raise prices without waiting the required 30 days. Their prices will be subject to later rollback by the Price Commission. Nonetheless, as even the President acknowledged, some highly visible prices can be expected to ''bulge" in the first days of Phase...