Word: waged
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Dates: during 1970-1979
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Carter is enlarging the Council on Wage and Price Stability to monitor major wage contracts and the price increases set by large corporations, and offenders will suffer at least a public scolding. Firms doing business with the Government will have to sign agreements to comply with the standards when they get new contracts. Although Carter said that these contracts involve $80 billion in Government purchases each year, so many of them involve untouchable priority items, such as defense purchases, that the Government actually has leverage over only some $20 billion in new contracts each year. Still another veiled threat came...
...While wage and price guidelines attracted the most attention, Carter was well aware of the complaint by businessmen and some economists that the Federal Government is the biggest single contributor to inflation. With pride, he pointed out that his Administration had reduced the federal budget deficit, a prime contributor to inflation, from $66 billion in Gerald Ford's last year as President, to less than $40 billion in the current fiscal year. He pledged to cut it to "$30 billion or less" next year. As part of the effort to do so, he said he would veto any plan...
...Manufacturers: "The time has come for us to join the President in attacking the problem?and stop attacking each other." Claimed a spokesman for Otto Eckstein's Data Resources, Inc., a highly respected economic think tank in Lexington, Mass.: "The President has taken as tough an approach to wage-price standards as is possible short of statutory controls. The program has a reasonable prospect of success." General Electric Chairman Reginald Jones agreed, explaining: "It was reassuring to hear the President place his main emphasis on measures aimed at the basic causes of inflation: excessive Government spending and regulations that...
...include an all-out and specific attack by Carter on Government spending; 2) it does nothing to influence the supply of money, which usually grows along with federal spending and is thus a major cause of inflation; 3) it does not provide for any real enforcement of the wage-price guidelines...
...rebate proposal for workers whose wage hikes fall behind the inflation rate was termed "innovative" by some economists. But others wonder whether it might not simply add to inflation if the rate soars beyond 7% and millions of workers then get a tax rebate. An 8% inflation rate could cost the government about $10 billion in rebates...