Word: waged
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Dates: during 1970-1979
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Connally's support of Big Business is not balanced, critics charge, by compassion for the workers and the poor. Symbolic, they say, was his confrontation with farm workers who were on a 64-day, 468-mile march to Austin in the summer of 1966 to seek a $1.25 minimum wage. Governor Connally drove out to them in his limousine to tell them in person that he was absolutely opposed to their demands and would not meet them in his office. Nevertheless, more than 6,000 marchers did converge on Austin on Labor Day, and Connally was out of town. Says...
...Administration's unsuccessful wage and price controls, a policy he now says was mistaken. Not one content to be minding only his own business, he gave Nixon advice on a broad range of issues, stepping on the toes of a few Cabinet colleagues and Nixon advisers. When he left after 15 months, partly in frustration with the President's protective staff, Commerce Secretary Peter Peterson said, "The State Department is having a going-away party; it's now in its 32nd hour." Says New York Financier Felix Rohatyn: "I think he has a rather confrontationist attitude. I don't think...
...value of the greenback, this does not explain all the difference. In real terms, incomes have simply risen much faster in Europe than in America. According to the Paris-based Organization for Economic Cooperation and Development (O.E.C.D.), between 1972 and 1977 the annual increase in the average hourly wage in the U.S. was less than 1% above the inflation rate. But in Europe, wages have stayed ahead of prices by much greater margins: more than 5% in France, Belgium, Norway and Italy, and over 3% in Germany...
...hotbed of Keynesianism that it once was: "It has been hard for the Keynesians to contend that their prescriptions are the way out of stagflation. Ultimately, they are forced to admit that Keynesian techniques just bring forth inflation and not real growth. They answer that the solution is wage-price guidelines or another form of an incomes policy, but that is a very weak reed to lean...
LESTER THUROW, 41. A liberal who remains a moderate Keynesian, Thurow favors tax reductions to fight economic slump. To combat inflation, he opposes inducing a recession or putting on wage and price controls, both of which he considers unfair. Instead, Thurow, who is an M.I.T. professor, advocates removing Government price props, such as subsidies and tariffs...