Word: wages
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Dates: during 1970-1979
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...prospects: inflation is running at an 11.1% annual rate, production growth seems likely to be zero, and unemployment is expected to rise from the current 7.2% to 10%. One major reason for all this is a peculiarly vicious circle: to keep up with inflation, workers have been demanding huge wage settlements that fuel further inflation. Strikes have also disrupted production enough to increase unemployment more than the recession alone would have done...
...likely outcome is a loan from the state government, which would have to market its own bonds to raise the cash. This was a suggestion made by the White House. Treasury Secretary Simon urged the city to charge tuition at the city university, reduce professors' salaries, hold down wage increases of city employees to 5% a year and require them to contribute more to their pension funds. He also suggested that bus and subway fares be raised from 35? to at least 50?. Last week Beame took a step toward austerity by sending the first dismissal notices to some...
...annual rate of 25%. The world recession has left nearly a million Britons without jobs, v. 680,000 a year ago; the unemployment total is expected to reach 1.5 million by mid-1976. But that prospect has failed to reverse the inflationary trend; unions still demand and get wage increases of up to 40%. The pound (worth, roughly, $2.30) fell last week to its lowest point ever against most world currencies, a decline of 24.4% since late 1971. The nation that once ran an empire on which the sun never set has become dependent on foreign loans to help meet...
Accelerated Pace. Worse still, the powerful trade unions have blocked efforts to make the British economy more competitive. Former Conservative Prime Minister Edward Heath provoked a showdown in 1973 with the miners' union over their wage demands, and lost. His defeat set the stage for Laborite Harold Wilson's return to power. The Labor Party, which is heavily dependent on union votes, is not even trying to reform any labor practices that preserve jobs. Instead, left-wing members of the party are using the present crisis to accelerate the pace of state control of British industry, although...
...were lifted in April 1974. In the steel executives' view, those boosts were needed to make up for years of low earnings. Last December, after U.S. Steel announced price boosts of 8% to 10% on about two-thirds of its product line, President Ford's Council on Wage and Price Stability asked the company to justify its action; U.S. Steel then trimmed the increase to 7% to 8%. Nonetheless, steel prices at the end of 1974 averaged 40% higher than at the start of the year...