Word: wages
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Dates: during 1970-1979
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...proprietor, protested the inflation. "How is the common man going to make it?" he asked. "The prices of stuff on my shelves is climbing. It's just disgusting. How much longer can we stand this?" Gore responded by asking how many in his small audience favored wage-and-price controls. All but two raised their hands...
Economists, proud and powerful in the 1960s, now look like Napoleon's generals decamping from Moscow. Their past prescriptions ?tax tinkering and Government deficit spending to prop up demand, wage and price guidelines to hold down inflation?have been as helpful as snake oil. "Things just do not work now as they used to," says former Federal Reserve Chairman Arthur Burns, and who can contradict him? The U.S. economy, bloated and immobilized, has been turned topsy-turvy...
...hope: to stay solvent in any way possible until lacocca, who is to auto sales what Patton was to tank warfare, can bring forth the cars to save the company. He will need help-and not just from Washington. The United Auto Workers rejected his plea for a wage freeze, but delegates from its Chrysler council agreed to reconsider making concessions once the UAW agrees to a new three-year contract with GM and Ford. Said UAW President Douglas Fraser: "We'll take into consideration whatever is needed for the survival of Chrysler Corp." The union probably will accept...
...million only three years ago. In addition to his regular job as a mechanic, Mike does bodywork on damaged autos in San Francisco for cash on the cylinder head and pockets $100 to $200 a month in undeclared income. Bob, a Santa Cruz, Calif bartender, declares his $5 hourly wage but not his $100 weekly take in tips. "You don't have to worry about getting caught," he explains. "It's your word against the IRS."-Jerry, a Cincinnati lawyer, provides "free advice" to an employment agency for domestics. In exchange, the agency sends a maid every week...
...greets with approval the steady infringement of any right that does not involve free speech. One of the great unreported stories of the past 30 years is the steady erosion of individual rights that is turning us into a different kind of country. If we put a floor under wages and a ceiling over prices, a free man cannot long stand erect. Someone has to make it clear that the collision course between Government price and wage controls and personal liberty is inevitable because, in the end, Government allocation of economic resources requires force." So, he continues, when considering...