Word: wages
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Dates: during 1970-1979
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...recent weeks, however, Britain's grim, almost apocalyptic economic situation (see ECONOMY & BUSINESS) has forced him to risk their disfavor. When Chancellor of the Exchequer Denis Healey presented his tightfisted budget in the Commons last month, he candidly blamed Britain's briskly accelerating 25% inflation on union wage-increase settlements, which are now averaging 30% annually...
...from cigarettes to sewing machines. "If people insist on paying themselves more than they're earning, somehow or other the Chancellor of the Exchequer, whoever he is, has got to take it away again or the whole thing will blow up." Although he stopped short of advocating statutory wage controls, Healey further outraged the unions by offering a budget that will in effect allow unemployment to rise from its current level of 4% to nearly...
Picking up the Healey gauntlet, several union leaders responded by asking for even higher wage settlements, the most astronomical being the National Union of Seamen's demand for an 81% increase. The knee-jerk cycle continued last week as an incensed Healey threatened to levy still more taxes-a move that provoked left-wing Labor M.P. Norman Atkinson to call publicly for new party leadership...
Singapore's economic dependence on the multinational corporations has hit it hard in these days of stagflation. The consumer price index rose 40 per cent in 1973. Tens of thousands have been laid off, while many more have had to accept shortened work weeks and other wage cuts. The state of the world capitalist economy has also provided the multinational corporations with an excuse to reduce operations in Singapore and move to greener pastures in other countries offering even lower wage rates and other investment incentives...
...year's hard bargaining climate promises benefits for the economy as a whole. It augurs well for a recovery from the recession that would be relatively unhindered by work stoppages or excessive cost-push inflation. All together, says Usery, if a crowded bargaining calendar, many strikes and big wage boosts made 1974 "the year of the lion" in labor-management relations, 1975 could be "the year of the pussycat...