Word: wage
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Dates: during 1950-1959
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...Economic nonsense," replied the twelve firms representing the steel industry. It would be "completely unlawful" for them to freeze prices, said the firms; nor had they any intention of granting wage boosts, "the primary cause" of inflation. But not all steelmen were so sure that the industry could not freeze prices. Chairman Joseph Block of Inland Steel, one of the twelve companies negotiating, said that if the union held the line on wages, "that would enable us to hold the line on steel prices...
...money" policy, turned defense expert to proclaim that the balanced budget is "weakening the national defense program." His "program for action to put America back to work": 1) new legislation to "cushion the shock" of unemployment and "safeguard purchasing power," 2) a vast, Government-sponsored building program, 3) "justified wage increases" and a shorter work week "to spread the available supply of jobs...
...usual for the United Steelworkers to strike the first blow in contract negotiations, management made the first move. To the Steelworkers' President David J. McDonald last week went a letter from twelve big steel companies asking for a one-year extension from this June 30 of the present wage agreement, without any increase in benefits. Although the recovery is making "moderate progress," said the letter, there is a disturbing "bulge of synthetic demand" created by fear of a steel strike, and it could lead to "decline and dislocation" later. To keep the economy on a steady course, said...
...major newspapers to make its case for an "extra billion dollars" in the pockets of 1,250,000 steelworkers. This is money, says the union, that will bring real benefits to the economy. Union Boss Dave McDonald is not so much interested in a hefty wage boost as in fringe benefits, whose cost is less evident. He is likely to emphasize pension terms, better hospitalization and medical plans, more generous unemployment benefits. But the big firecracker that is sure to set up a ringing in management's ears is a share-the-work plan to reduce the dangers...
Actually, McDonald could accept much less. He has beaten down last year's dues revolt in his own union (TIME, Sept. 29), and need not act tough to impress his membership. Nor does he have to bring home a whole ham to keep pace with the wage gains won by other unions. The United Auto Workers' President Walter Reuther settled for a modest increase that poses no threat to steel's position as one of the best-paying big businesses. Steelworker gross earnings averaged $2.88 an hour last year, 35? better than autoworkers and 75? better than...