Word: wages
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Dates: during 1970-1979
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...streets. They must adopt the Protestant work ethic and not squander their meager pay checks on liquor or drugs. But where is the lower class person to get the job that will give him the chance to put the nose to the grindstone? Only through eliminating minimum wage laws does Banfield say these jobs will be forthcoming...
...country. To reverse the tide of inflation (running at an annual rate of 28%) and to calm the jitters of foreign creditors who had caused the pound sterling to hit an all-time low, Wilson formally spelled out the details of Healey's proposed new program of wage, price and dividend controls (TIME, July...
...only two weeks ago was pooh-poohing the need for "panic solutions." Since returning to power 16 months ago, Labor's economic policy had been based on the "social contract" -an agreement that the government would deliver social welfare benefits in exchange for the unions' voluntary wage restraints. But more and more unions began violating the contract by asking -and getting-pay raises of 30% and more. Wilson and Healey finally decided more drastic measures were needed...
...magnitude of the policy reversal, Wilson and Healey had little to lose by compromising on enforcement at this time. The formula saved face for Employment Secretary Michael Foot, the unions' staunchest defender in the Cabinet, who during the last election campaign flatly committed himself to quit if compulsory wage controls were enforced. There were fears that a Foot resignation would trigger the fall of the Wilson Cabinet. Not only would leftist Energy Secretary Anthony Wedgwood Benn have had little choice but to follow suit; the unions would have withdrawn their support from the government's program as well...
...developments to trigger a renewed burst of inflation. But there is concern that the recent price rises may presage a move by some companies to seize on the first fragile signs of a rebound, to raise their prices. Any such trend, warns Albert Rees, director of the Council on Wage and Price Stability, would "retard the recovery very severely" by discouraging consumer buying...