Word: spiralling
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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...
Above all, the Administration must make its Phase II program work, because the U.S. economy is unlikely to revive strongly and become more competitive until inflation is controlled. That will not happen until the Pay Board and Price Commission demonstrate the courage to break the wage-price spiral by turning down excessive union and company demands. An economic environment of inflation that sucks in imports, and an unemployment rate that stirs deep fears about jobs, is the ideal breeding ground for protectionists, who may only be emboldened by Nixon's piecemeal appeasement of their desires...
What is disturbing is not so much labor's rhetoric as its increasingly clear policy of noncooperation with the over all goal of Nixon's program: the slowdown of the wage-price spiral. The late freeze did bring some gains against inflation; the consumer price index rose a mere .1% in October, its smallest increase since early 1967. But prices will shoot up again if wage contracts continue to call for annual increases of 10% and more, and the price boosts will quickly wipe out pay gains. So far, though, union leaders have refused to apply the brakes...
...expense of the contract to customers. Commission Chairman C. Jackson Grayson promised to examine the owners' additional costs "very closely," but coal users are almost certainly in for a hefty jump in the fuel's price-and the nation for one more loop in the wage-price spiral. The fact that it will be due largely to the cave-in of the Pay Board's business members, who are usually regarded as presidential allies, presents Nixon with a challenge almost as troubling as Meany...
...Hefnerian pinup calendar, cave art of barracks and filling stations, has brought a feminist riposte of sorts-the second annual edition of "The Liberated Woman's Appointment Calendar and Field Manual 1972." Compiled by two New York women journalists, the spiral-bound booklet is a compendium of feminist history, humor, sayings and survival lore...