Word: wage
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Dates: during 1950-1959
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...Scrap Yet. The wage-freeze order had to be thawed out almost immediately, and had to be replaced completely in a few days by a formula for a flexible system of wage controls. A first test was John L. Lewis. His coal contract (TIME, Jan. 29) had been signed before the wage freeze, to go into effect after it. The Wage Stabilization Board was ready to grant John L.'s miners the 20?-an-hour wage raise contained in the new contract. Explained one coal official: "I doubt like hell if they're going to get into...
Other unions had made similar wage gains which had to be allowed or disallowed, and still others needed them to catch up. The WSB had to set an overall limit-probably a rise of 10% above pre-Korean wage levels-and then persuade organized labor to accept it without strikes and stoppages. Another decision would affect "escalator clauses," under which wages in some industries rise & fall with the cost of living. A third would have to deal with annual productivity increases such as those written into the autoworkers' contracts...
...plaints of labor unions swept in, Wage Stabilizer Cyrus Ching promised speedy action and pleaded for a little time. "When a freeze is issued, it lowers the temperature all around," said Ching. "In such a situation, it's advisable to keep your shirt...
After the Ball Was Over. Purcell denied everything. But it soon became obvious that if he was telling the truth, he had done more with his $4,150 annual wage than any fireman in history. Records showed that he had helped finance a Flushing bar & grill for his brother-in-law. There were definite indications that he had been involved in promoting a housing project, a six-day bicycle race, and a scheme to sell 40,000 Christmas trees to firemen and their relatives...
Last week Federal Reserve Board Member Marriner S. Eccles bluntly told Congress why price & wage controls alone would not stop inflation. The "cheap-money" policy established by Secretary of the Treasury John W. Snyder would prevent it. Any program of controls, Eccles told a joint Senate-House Committee on the Economic Report, "can hardly be adequate to stop inflation in the long run, as long as the money and credit floodgates are left open...