Word: wage
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Dates: during 1950-1959
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...through the late Truman years and the Eisenhower years, Lewis showed labor statesmanship of the highest order. He continued to press for the wage increases that brought average U.M.W. pay from $6 a day in 1920 to $11.75 after the war to $24.25 today. He fought for, got, and managed with integrity a $150-million-a-year health-and-welfare fund, went to bat on Capitol Hill for important mine-safety legislation...
...Economist Graham Hutton. must take normal corrective measures to get its balance of payments in order. Button's prescription is for the U.S. to reduce foreign commitments, get overseas allies to carry more of the load, get internal costs under control. "If you don't stabilize your wage costs," says he, "you will lose export orders, lose gold and get unemployment. It is as simple as that. You have the strongest economy in the world, the highest productivity in the world. There will be no need to devalue the dollar as long as you keep your wages geared...
...encouraging sign at year's end was that U.S. exports were already on the rise again after their slowdown. Wage costs in foreign nations were also on the rise, narrowing the foreign advantage over the U.S. Now that the alarm has been raised, many a businessman is not only revising his ideas about world trade; he is also doing something about costs. Cleveland's National Acme Co. brought out a new cam-finishing machine that does the job in 20 sec., v. 1 min. 15 sec. "What's just as important," says Acme's President...
...background fact of the steel strike is the U.S. economy's pressing need for a hold-down on production costs. Round-after round of wage boosts followed by price boosts has brought not only price upcreep at home but also loss of export markets abroad. Western Europe's rebuilt industrial plants, more modern on the average than the U.S.'s, confront U.S. industry with increasingly rugged competition. In late 1958, the U.S., for the first time since the igth century, became a net importer of steel instead of a net exporter...
...industry's failure to explain its case to the public. But behind the fog, the issues in the steel strike-whether an economy beset by price upcreep will be subjected to another inflationary steel settlement, whether an industry already pressed by foreign competition should accept another upthrust of wage costs, whether collective bargaining is a one-way or a two-way street-still loom in the background, confronting the U.S. Government and the U.S. public with a demand for thoughtful answers...