Word: wages
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Dates: during 1970-1979
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...Oval Office in January, one of his first tasks will be to send out a batch of invitations to the nation's labor chiefs and business leaders. They will be asked to come to the White House to help the Administration devise a set of guidelines for wage and price increases that the President will then urge unions and companies to follow. Though the guideline strategy had only limited success in the 1960s, Carter is committed to another go at it to help keep inflation down while hoping to stimulate the economy to faster, more sustained growth...
...debating where the limits might be set. Arthur Okun, a member of TIME'S Board of Economists who was involved with a previous set of guidelines when he was a member of Lyndon Johnson's Council of Economic Advisers, suggests that the White House might urge keeping wage boosts to 6% a year and price hikes to 4% (wages would be allowed to go up more than prices because some of the pay increases would presumably be offset by higher labor productivity). However, these standards would be flexible and would take into allowance such things as unusually...
...measure the government received a stinging setback. At issue was a bill that would allow longshoremen-who belong to the powerful Transport and General Workers' Union, led by Jack Jones, a key supporter of the government's wage-austerity program-the right to handle cargo up to five miles away from British coastal ports. The legislation gives union members a foothold in the unloading of container shipping, which has reduced the need for longshore labor at docksides. The Lords had narrowed the proposed law's application to a half-mile zone around ports. In voting to rescind...
...Wage-price policy. Carter is committed to more active federal intervention in wage and price decisions. Initially, at least, he probably will start with relatively mild jawboning; he said during his last television debate with Ford that he would call corporate and labor leaders together to work out voluntary guidelines for pay and price boosts. But businessmen have not forgotten that early in the campaign Carter spoke of requesting stand-by authority to impose wage-price controls, which executives abhor. Says Raymond Herzog, president of 3M: "The mere mention of federal intervention causes companies to raise their prices in anticipation...
...president George Meany pooh-poohs that idea. Says Meany: "The only commitment I have from Jimmy Carter is that when we've got a problem, he'll consider it." The numerous executives who doubt that may take some heart from the fact that Meany also opposes wage-price controls, which he feels hold down wages more than prices...