Word: wage
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Dates: during 1950-1959
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...idea that large annual wage increases can be regarded as a matter of course...
...mechanism for giving the stockholders, consumers, workers and managers their just equities.'' This fooled no one. Behind closed doors Reuther himself had told unionists that they must cut their demands, take "a more realistic" approach to bargaining. He decided to drive for a 10? hourly wage boost (v. 7? offered by management) plus better unemployment benefits, sliding-scale pensions pegged to cost-of-living, and other fringe benefits...
Pressure. Last week the automakers countered by putting on more pressure for an immediate two-year extension of the current contracts. They warned that some 600,000 U.A.W. members covered by the Big Three contracts will not get their annual 2½% wage boost (averaging 7?an hour) and cost-of-living hike (averaging 2?), due on June 1, unless and until the union signs a contract. In the past, whenever the U.A.W. won a raise, the companies also raised nonunion and salaried employees the same amount. This week the Big Three automakers gave 2½% wage boosts and cost...
...same way, wages are growing more and more rigid. They are on a ratchet, clicking steadily higher, but locked against any slippage downward. Despite the recession, there are so many escalator clauses, unemployment benefits, and automatic increases that wages this year are still going up (see State of Business). The belief that rising productivity will make up for wage increases, thus holding prices stable, has also proved false-at least in the short run. In 1957 wages jumped 4.5%, yet output per man-hour rose only 1.8%-and prices jumped 3%. The Government, with its farm subsidy and other...
...keep prices from spiraling too fast, a handful of the economists argued for an agency, such as a permanent Wage and Price Commission, which would gather accurate statistics, compute the effects of wage-price increases, and formulate standards for government policy. Economists such as the University of Chicago's Albert E. Rees would also like to see the Government itself put an end to price-boosting devices, e.g., farm price supports, tariffs and import quotas that shelter inefficient domestic producers. Said he: "If the Government is to condemn private enterprise for using rigid prices, it should itself cease being...