Word: wages
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Dates: during 1970-1979
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...respect performance. The business community won't agree with him about everything, and they won't get what they always think they might deserve, but they'll always know how he stands; he'll explain that to them very directly. You know, his action about wage and price controls [flatly rejecting the idea of imposing them] will do more to start restoring confidence than anything else, because it removes a vast area of uncertainty...
...delicate truce with his principal opposition has enabled Andreotti, a seasoned politician who has three tunes been Premier and was a minister in 16 governments, to crank out an intensive program of austerity measures-including stiffer tariffs, higher government-controlled prices, and proposed wage restraints-aimed at curing the sickest partner in the European Common Market. Italy's current inflation rate is 18%, its internal deficit is estimated at $20 billion, and its foreign trade deficit has doubled in only a year, to $4.4 billion. So weak is the lira that it has to be supported...
Late in the week President Ford's Council on Wage and Price Stability issued a 14-page report arguing that the steel increases were not justified by market demand. The rises, said COWPS Acting Director William Lilley III, were moves by steel men to "protect themselves against possible future wage and price controls." Some executives did not altogether deny that they were jumping the inaugural gun. Said U.S. Steel Chairman Edgar Speer: "The political situation is always a consideration. Let's not kid ourselves." Why, then, had Speer told stockholders three weeks ago that there would...
Carter himself took note of that at week's end and disavowed any thought of asking for outright price controls, even on a stand-by basis. Said the President-elect: "I believe that the constant threat of wage-price controls is sometimes a stimulation for unwarranted increases in wages and prices, and I want to remove that threat completely from business and labor." Yet, as COWPS Head Lilley warned the steel men, a flurry of price rises could lead to the controls "that business seeks to avoid...
Despite that, Callaghan will have a tough job persuading British public opinion to buy his agreement. The main concern of his top aides is that the sharp cuts in public spending could reverse the willingness of British unions to negotiate a third stage of wage ceilings next year. For the past year and a half, union cooperation in holding down wages has been the foundation of Britain's anti-inflationary policy. That a Labor government should be forced to take that risk in order to satisfy foreign creditors is a true measure of how perilous Britain's situation...