Word: upcreep
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Dates: during 1950-1959
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...background fact of the steel strike is the U.S. economy's pressing need for a hold-down on production costs. Round-after round of wage boosts followed by price boosts has brought not only price upcreep at home but also loss of export markets abroad. Western Europe's rebuilt industrial plants, more modern on the average than the U.S.'s, confront U.S. industry with increasingly rugged competition. In late 1958, the U.S., for the first time since the igth century, became a net importer of steel instead of a net exporter...
...befogged by both sides: by McDonald's charges that the steel industry is out to "bust the union," and by the industry's failure to explain its case to the public. But behind the fog, the issues in the steel strike-whether an economy beset by price upcreep will be subjected to another inflationary steel settlement, whether an industry already pressed by foreign competition should accept another upthrust of wage costs, whether collective bargaining is a one-way or a two-way street-still loom in the background, confronting the U.S. Government and the U.S. public with...
Fight Against Upcreep. As the economic indicators started climbing, Anderson's prestige climbed with them. That autumn he set off on another soft-spoken crusade: his fight to get the Administration firmly committed to balancing the fiscal 1960 budget that the President would send to Congress in January...
...Anderson argued that a balanced budget was urgently needed for its symbolic value. If the chronic price upcreep of the mid-1950s came to be tolerated as inevitable, he warned, it could inflict severe damage on the economy by eroding the confidence in the future that is essential to the workings of a free economy. By taking a stand for a balanced budget, the Administration would show that it intended to fight against price upcreep...
...steelmaking." With high labor costs squeezing U.S. steel out of foreign markets (TIME, July 20), the steel companies had a solid argument for holding costs down. Revelations of corruption in the labor movement had weakened organized labor's influence. And the U.S. public was fed up with price upcreep...