Word: waged
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Dates: during 1970-1979
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Inflation seems immune to all antibodies. Wage-price controls held it down in 1971-72, but as soon as they were eased living costs soared. OPEC oil price gouging and crop failures round the world further lifted prices in 1973-74, but the inflation rate has not returned to "normal" (whatever that might be), even though, OPEC is observing a price freeze and harvests are filling bins. The 1973-75 recession for a while cut the inflation rate in half, from 12% to 6%, at the savage price of almost 9% unemployment in early 1975. But 6% inflation is still...
...citizens. Attempts to reduce unemployment can easily aggravate inflation by leading to excessive spending and deficits. Efforts to improve the lot of old people and the poor, or to clean up pollution, can and do make inflation worse. When the Government increases Social Security taxes and the minimum wage, and pours on more and more federal regulations, it imposes extra costs that business passes along in higher prices. Finally, inflation seems to have become self-perpetuating. One example: uncertainty about whether a new factory will repay the costs of building it causes business to hold back on investment...
...Renewed his plea to labor and industry to bring wage and price increases below the average of the past two years. Carter specifically called on high executives to freeze their own salaries and bonuses as a kind of anti-inflationary example to the troops. He added that the Council on Wage and Price Stability will begin a series of meetings with executives in the steel, paper, aluminum, railroad and other industries to formulate goals for wage-price boosts...
...more than willing to explain his concern about the Bakke case. "Bakke is not only affecting the schools, it is affecting us," he says. "Ours is a job that the average person could do without a high school diploma or college degree, and still make a decent wage. Right now, minority hiring in construction is based solely on quota systems. If the Court makes quotas illegal, then we lose about the only thing we have going for us a people that hasn't had the opportunity to get good education...
...sons, aged nine and five, Bosworth used to devote himself to hobbies of woodworking and making hand crafted stained glass. He gets little time for those pastimes these days; most often he is seen heading home from his office weighed down with stacks of inflation statistics. He sees voluntary wage-price restraint by unions and management as the only way to check inflation. But he thinks that there is no chance to get that cooperation unless the Government sets a convincing example. Says Bosworth: "If you're going to harangue others to show restraint, you first must show restraint...