Word: settlement
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Dates: during 1970-1979
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Evidently, the Hughes relatives appreciated the importance of keeping the empire operating smoothly until there is a final settlement. Indeed, if ever an empire cried out for effective management, it is Hughes'. A patchwork business, it was haphazardly acquired, often when Hughes was in a rush to invest company earnings that he would otherwise have been forced to pay himself as highly taxable profits...
...Syrian tanks and antiaircraft "flak tracks" dug in three miles across the border, and armored cars probed as far as the Lebanon mountains overlooking Beirut. Curiously, it is Lebanon's Christians-not the Moslems-who welcome the Syrian incursion; they believe that the Syrians will forge a peaceful settlement...
Consistent with Inflation. Some White House officials put pressure on Secretary of Labor W.J. Usery, acting as a mediator, to get the strike settled. He did, but at the price of a contract that will raise wages and benefits 33% between now and 1979. President Ford declared that the settlement "does fit into our overall economic plans and forecasts for the next three years." That is the trouble: a 33% raise is indeed perfectly consistent with a continuing inflation rate...
...would mark progress-prices rose about 8% in 1975-but for so long a period as three years a 6% inflation pace is clearly far too rapid. Yet the Administration's chances of reducing it have been lessened by its own labor policy, as exemplified by the Teamsters settlement early this month that ended a two-day strike (TIME, April...
...deal sets a bad precedent for the important negotiations coming up in the rubber industry (where contracts expire this week), construction and autos. Having given a kind of official imprimatur to the Teamsters settlement, Ford-and Usery, who will be involved in all the negotiations-cannot convincingly argue that any other union should accept a smaller one. Instead, the message of the Teamsters settlement is just the reverse: the Administration does not want any long strikes disrupting the recovery in an election year and is prepared to countenance-or maybe even lean on employers to accept-wage and benefit boosts...