Word: wage
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Dates: during 1950-1959
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...first time in more than two years, the U.S. economy is entirely free of wage and price controls. As President Eisenhower last week struck off the last controls-on machine tools, steel, chemicals and other basic commodities freedom brought only a few price boosts. There was a $4-a-ton hike in sulphur and a 4?-a-lb. hike in coffee.* But, in general, businessmen showed no desire to gouge each other or the consumer for that matter. Actually, with production so high in most raw materials, there was little opportunity...
...still possible to think that society can get along without price controls. Last week the Eisenhower Administration's sixth decontrol order left the U.S. economy free of wage and consumer controls for the first time since the post-Korea freeze of January 1951. The latest order freed coffee, beer, home-heating oil, soybeans, animal feeds-everything except some nonconsumer products vital to defense: sulphur and sulphur compounds, iron and steel, scarce alloy metals, metal cans, machine tools. A few predictable price rises followed, but they barely rippled overall price indexes, which have been steady since the Administration began...
When the Truman Administration abandoned World War II price and wage controls in November 1946, some people predicted $1-a-loaf bread. Franklin D. Roosevelt Jr. predicted $20-a-pair nylons. Decontrol in 1953 brought forth no such hysterical forebodings, but it was actually a bolder step, because the pressure of rearmament and the Korean war have replaced the 1946 illusion that permanent peace was about to prevail. Although pressure for continued controls was strong, Eisenhower acted on his campaign statement that Government control of prices was not the only or the best way to fight inflation...
...Chicago, members of Local 130 of the A.F.L. Journeymen Plumbers and Steamfitters Union voted to walk out over a 15? wage demand. Management announced that it would appeal the strike decision to the union's past president: Secretary of Labor, Martin Durkin...
...personal income taxes, with more generous exemptions for dependents and medical expenses. The tax bill of the average $3,000-a-year wage earner (married, no dependents) will drop from $175 to $150 (at current U.S. rates he would...