Word: waged
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Dates: during 1970-1979
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President Carter's voluntary wage and price guidelines, outlined last week, may limit Harvard to a $400 tuition increase for the 1979-80 school year. But officials around the University yesterday expressed uncertainty about exactly what effects the federal program might have on Harvard...
According to officials with the federal Council on Wage and Price Controls, the University's non-profit status would not exempt it from Carter's plan...
...cent limit on tuition] and 7 per cent [limit on salaries] does not impose an enormous hardship," working from what now appear to be the possible effects of the wage and price restrictions, Kaufmann said
...alternatives to Stage 2, Administration planners believe, are worse. In a burst of candor, COWPS Director Barry Bosworth said that if the plan fails, the U.S. will face a "cruel choice" of outright wage-price controls or recession. Some non-Government economists, including Democrats Arthur Okun and Walter Heller, also believe a recession is becoming more likely, partly because inflation is eating up consumer purchasing power, partly because the Federal Reserve Board is pushing interest rates so high...
...Carter can build a public groundswell for Stage 2, labor and business, for all their misgivings, may feel forced to observe the guidelines, and if the wage-price spiral can be slowed, the Government will get more time to chop away at the budget deficit. But even if a socko TV speech gets the program off to a good start, the President will face the tough task of maintaining public, labor and business confidence -and imposing unpleasantly stringent spending discipline on his own Administration-for what at best will be a long, long haul...