Word: wage
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Dates: during 1960-1969
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...unlike Johnson, Nixon appears ready to maintain that firm grip even at the cost of greater unemployment. But some of his subordinates have been painfully inept, notably Treasury Secretary David Kennedy, who last week suggested for the second time since taking office that it might be necessary to impose wage and price controls if the surtax were not extended (see BUSINESS). He did this even though the President is firmly and publicly opposed to such a step. Nixon himself, however, is responsible for the Administration's early indecision on the surtax and tax reform. As a result...
...from Slavery. The result was a list of wage demands. Max consented, but in a Steppenwolf mood decided to sell the paper. Enter Timothy Leary and a rich friend who came to town to talk about buying the Barb for $250,000 and turning it into a psychedelic-trip sheet for the acidhead community. Oh, no!, exclaimed the tribe, which wanted to make the paper into a kind of revolutionary New York Times. Leary and friend then became "honest brokers," suggesting that Max sell the paper to the tribe- for $1,000 a week for 140 weeks, plus interest...
...make matters worse, wages are rising much more rapidly than workers' productivity, as measured by the Commerce Department. As a result, labor costs per unit of output are climbing steadily. Manufacturers are compensating by raising the prices of their products. Thus, even large pay raises have yielded little if anything in added purchasing power. During the last three years, in fact, the purchasing power of the average U.S. worker has done no better than hold steady. Union leaders now feel that they must push for giant wage and benefit increases to keep their members ahead of price boosts...
Lavish as it is, the most striking thing about the Teamsters' contract is that it is not really unusual. The Labor Department calculates that wage-and-benefit settlements in this year's first quarter provided a 5.9% median yearly in crease. But a number of contracts signed in the last few weeks have increases equal to or greater than the Teamsters' 28%. Pacts negotiated recently are designed to raise wages and benefits 25% over three years for waiters in Seattle, 39% over three years for West Coast sawmill hands and a gargantuan 49% in 13 months...
Even proposed wage increases of that size no longer always win union acceptance. Ironworkers in St. Louis have been on strike for six weeks against an employer offer to lift their wage-and-benefit package from $6.03 to $9.03 an hour over the next five years. The union likes the money, but does not want to sign any contract that will bind it for more than three years...