Word: wages
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Dates: during 1970-1979
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...public's apprehensions are not shared by economists interviewed by TIME correspondents across the country. Most agree with the Administration that inflation, now at an annual rate of 10%, will be slowed in the second half of the year-unless wage settlements in labor negotiations get out of hand. Last week the Labor Department released two figures that strongly buttressed the Administration view. Wholesale prices rose in May by only .4%, the smallest rise in nine months and less than half the 1.1% rise in April. At the same time, the unemployment rate dropped to 6.9% in May from...
...there are hardly any such subsidies, although some jobs are provided under various federal and local programs at the minimum wage of $2.30 an hour. That is too high, say critics, to encourage employers to train workers; the minimum should be reduced during training periods, perhaps subsidized by Government work "scholarships" to young people. They would receive grants from the Government, then turn the money over to employers who would use it to finance on-the-job training...
That means, most significantly, that the U.A.W. will continue to uphold the Reutherian philosophy of pursuing social goals no less fervently than higher wages. The union has long championed national health insurance, and both Ted Kennedy and Jimmy Carter dropped by to affirm their own commitment to that goal (see THE NATION). For all their dedication to social welfare, however, auto workers are among the world's most privileged wage earners; Kennedy quipped at the convocation that just about the only paid holiday the U.A.W. does not get is Groundhog Day, "and if I know Leonard...
That brings up one major element of Democratic dissatisfaction with Carter: most of the board's liberals view his anti-inflation policy as weak. The policy rejects not only controls but wage-price guidelines, and even public jawboning. It relies on business and labor leaders to discuss their plans privately with the White House before seeking wage or price boosts, but does not formally request them...
...Last week U.S. Steel did so, and the rest of the industry fell into line. Several Board of Economists members nonetheless view such gentlemanly jawboning as inadequate to stop inflation. Nathan and Pechman predict that a disappointed President will eventually move to far more vigorous and public intervention in wage-price disputes...