Word: trudeau
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Confronted by these myriad economic woes, Trudeau last week felt he had little choice but to opt for controls. Scarcely a month ago, popular Finance Minister John Turner focused public attention on the issue when he gave up trying to win support for voluntary wage-price restraints and quit the Liberal Cabinet. His replacement, former Energy Minister Donald Macdonald, was promptly handed two choices by ministry staffers: an outright 90-day freeze on all wages and prices, plus other rigid measures-the policy advocated by the Conservatives-or a program of selective controls combined with cutbacks in federal spending. Macdonald...
Campaigning in last year's national election, Canada's Liberal Prime Minister Pierre Trudeau scorned his Conservative opponents for advocating "rigid and cumbersome" wage and price controls to slow inflation. Last week, in a Nixon-like about-face, Trudeau announced that he will clamp selective controls on the Canadian economy. In a 20-minute nationwide radio and television address, he called for an 8% ceiling on wage increases and a freeze on nearly all prices-they will be permitted to rise only enough to cover increased production costs. To enforce these restraints, an 18-member review board will...
...Trudeau's sudden turnaround is a clear admission that the milder medicine he championed during the 1974 election campaign has failed. Although the government has urged business and labor to hold down price and wage hikes voluntarily, inflation in 1975 has run at a discouraging compound annual rate of 12.7%, and government economists have predicted that it could reach 16% by year's end. Wage increases have averaged almost 19% yearly-twice the U.S. rate-even though more than 7% of the work force is unemployed. Moreover, Canada has been plagued by more work stoppages than any major...
...Bricklin car rising Phoenix-like, however, are poor. Bricklin claimed last week to have lined up more than $10 million from new U.S. investors, and earnestly solicited an additional $10 million to $15 million from the New Brunswick provincial and Canadian federal governments. But Prime Minister Pierre Trudeau's administration is cutting its budget to attack inflation and is in no mood to boost new spending. New Brunswick's Progressive Conservative premier, Richard Hatfield, is under heavy political fire for putting taxpayers' money into the company in the first place. Malcolm Bricklin is facing the harsh reality...
Born. To Margaret Trudeau, 27, and Pierre Elliott Trudeau, 55, Prime Minister of Canada: their third child, third son; in Ottawa...