Word: wage
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Dates: during 1950-1959
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CONTROLS. Republican leaders want to drop price and wage controls as soon as possible, but they aim to study the problem carefully...
...huge spending, both public and private, brought loud warnings from the Administration of runaway inflation. To fight what turned out to be a phantom, the Administration tightened control of credit and concentrated on a system of direct controls of prices and wages. It failed to realize that such curbs, unavoidable in an all-out war, were hardly needed in the cold-war economy of 1952. In any case, the Administration's controls were a mockery; price and wage bosses went in & out of office so fast that most civilians hardly knew-or cared-who was in charge. The tremendous...
...early summer doldrums, production was almost paralyzed by the steel strike, the longest and perhaps the most unnecessary in steel history. It was a prime example of the folly of Government controllers, who argued that wages could be continually raised without an increase in prices. The strike was provoked by the decision of the Administration's "impartial" fact-finding committee to give the union an even bigger raise than it expected-plus the union shop to boot. When the industry refused, Mobilizer Charles Edward Wilson, General Electric's ex-president, tried to stave off the strike with...
CONTROLS. To stop future inflationary rises, the new Administration plans to rely chiefly on indirect FRB fiscal controls, which strike at the monetary roots of inflation, rather than wage & price ceilings, which merely try to nip the flowers. Republicans in Congress also want to keep direct controls - at least on some sort of stand-by basis. Eisenhower has a strong argument to persuade Congress to restore FRB's power to control installment buying, housing credit, etc. Since these curbs were removed in May, consumer credit has shot up $3 billion to $23 billion at year's end. Said...
...take more risks with the possibility of earning better returns." Arms-spending is still on the rise, and when it reaches its peak in 1953, it will level off and continue at a rate of $53 billion a year till mid-1955. Buying power will also increase; recent wage boosts will add an estimated $7 billion to 1953's in come. And the U.S. consumer has a record $283 billion of accumulated savings avail able for deferred purchases...