Word: strikesâ
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Okun concedes that a binding-pledge policy would be a "do-or-die, make-or-break" gamble. If so many businessmen refused to sign that the Government was forced to buy from non-pledgers?or, worse, if the Administration winked at violations as the price of avoiding crippling strikes???President Carter would lose all chance of winning wage-price restraint. In Okun's view, the risk in not adopting a tough guidelines policy is worse: negotiations next year in the construction, auto and trucking industries could result in a wage explosion that would push inflation firmly back to double-digit...
Republicans Greenspan, Sprinkel and Washington University Professor Murray Weidenbaum strongly oppose guidelines and do not believe they would work: even if union leaders negotiated moderate wage pacts, rank-and-filers would vote them down. Weidenbaum adds that the result might be strikes???by the Teamsters, for example?that could tip the economy into a recession he does not now expect. The Republican board members believe that inflationary fever can be lowered only by the slow-acting medicines of lower federal spending, reduced deficits and moderate growth in the money supply...
...cutting off Gulfs biggest and most profitable source of crude. Venezuela also took over Gulfs holdings. General Atomic, a joint Gulf-Royal Dutch/Shell venture, pulled out of the production of high-temperature nuclear gas reactors after heavy losses. Meantime, Gulf had missed out on most of the big U.S.oil strikes???the Rocky Mountains, west Texas, east Texas and Alaska...
...provoking waves of protest strikes. British unionists already have been stalking off their jobs in the greatest numbers since the General Strike of 1926; working days lost in this year's first nine months topped 22 million, v. 12 million in the equivalent period last year. The combination of strikes???which have curbed exports?and inflation have made the pound once again the sickest of the major world currencies. Last June, Britain let the pound float, that is, allowed market forces to determine its price. Lately it has been not so much floating as sinking. Early this month...
...fines and jail terms for striking public employees, failed to prevent New York City's garbage collectors or schoolteachers from walking off their jobs. Ohio's law calling for the dismissal of every public employee who goes on strike has proved equally ineffective. Ohio had more than two dozen strikes???involving police, nurses, city service employees and teachers?in a recent one-year period...