Word: steels
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Dates: during 1970-1979
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...even though the current model is basically the same vehicle. Says Karen, 24, who would like to have children but feels unable now to afford them: "You want to hear about inflation? I'll tell you about inflation. There's petrochemical inflation, energy inflation, machinery and steel inflation, wage inflation, and all of it comes down on the farmer. It just corks me off. It seems like we're always having to work harder and harder just to stay where...
Blue-collar workers have generally stayed ahead of inflation by winning wage increases so large that the payments lately have actually begun to help force up the cost of living for everybody. Members of powerful unions like the steel and auto workers enjoy escalator clauses in their contracts that automatically boost paychecks as inflation rises. Military men and women have more than kept up with inflation because pay scales have been raised-in some cases spectacularly-to recruit and keep people in the all-volunteer services...
...fair opportunity to rise and prosper in the future. If they conclude that inflation continues to rob them of that chance, they may begin to question the system. Says Arthur Garcia, 43, who supports a wife and five children on a $19,000 wage as a worker in U.S. Steel's South Chicago mill: "You really want to revolt, but what can you do? I keep waiting for a miracle-for some guy who isn't born yet-and when he comes we'll follow him like he was John the Baptist." That is a chilling thought...
...experience of companies that changed their policies earl-or never did force retirement at 65-indicates that the numbers will be small. As companies have made retirement benefits more generous, the trend for decades has been toward earlier, not later retirement. For example, at Republic Steel Corp., which has never had mandatory retirement, less than 1% of the 40,000 workers stay on past 65; the average age of retirees is below...
...OECD concedes that some European economic blemishes remain. Its steel, shipbuilding and textile industries continue in distress. Unemployment stands to stay at a high 5¼% because the work force is increasing as fast as new jobs are being created. Consumer prices, the OECD report says, should rise 7% this year for the Continent as a whole, ranging from less than 3% in West Germany to nearly 11% in Italy...