Word: waged
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Dates: during 1970-1979
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...wage for an unskilled factory worker in Hong Kong...
...only 3.8%. But consumer prices jumped so rapidly that in December they are likely to average 9.5% higher than at the end of last year. Result: the President, who began the year trying to prod the economy to faster growth, shifted gradually to a tight-budget policy and proclaimed wage-price guidelines that stop just short of mandatory controls. When even those measures failed to stop inflation and the sickening plunge of the dollar, President Carter on Nov. 1 welcomed a sharp increase in interest rates that normally would have violated his populist principles...
Even most of the liberals on TIME'S board accept this harsh conclusion, though they add that if the wage-price guidelines can be made to work, the Administration and Federal Reserve Board will not have to crack down quite so hard on growth. Several argue forcefully that the Government should not try to head off the recession or aim at a vigorous expansion once it ends. "It would be a horrendous error to try to fight the recession by anything other than minor palliatives," says Democrat Eckstein, who heads Data Resources Inc., the nation's leading economic...
Administration officials who wanted to switch to an anti-inflation policy-CEA Chairman Charles Schultze, Treasury Secretary Michael Blumenthal, Council on Wage and Price Stability Director Barry Bosworth-got a powerful ally in G. William Miller, who took over as Chairman of the independent Federal Reserve Board in March. Miller, a liberal businessman, was shocked by the runaway inflation he encountered and publicly urged the President to declare it the primary peril. More support came from, of all people, Labor Secretary Ray Marshall. Says one Administration policymaker: "When Marshall starts arguing for wage-price guidelines, which would fall...
...inflation to do some mild jawboning. Strauss's six-month tenure will be remembered mostly for one rueful wisecrack: "The score is inflation 100, Strauss 0." In October, Carter replaced him with CAB Chairman Alfred Kahn and proclaimed formal guidelines with some teeth. The rules: labor should hold wage and benefit increases to an average 7% annually, and companies should raise prices half a percentage point less than they did, on average, in 1976-77. The penalties: public denunciation of violators, and loss of Government contracts for companies that raise wages or prices too fast...