Word: wages
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Dates: during 1970-1979
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Even many Administration insiders recognize that their anti-inflation policy is not working. Admitted a top policymaker: "We cannot go on expecting the wage and price guidelines to hold." Since President Carter has ruled out mandatory controls, the only other policy choice, in the view of White House advisers, is to raise interest rates. Leaks to the press and other pressures on Miller to tighten money became so obvious before the Open Market Committee meeting that Carter sent notes to Blumenthal and Schultze telling them to stop it. The President did not necessarily oppose the Fed's raising interest rates...
...master contract, ending a ten-day strike and lockout that drastically curtailed transportation of goods and threatened many manufacturing industries. In all, the union and the industry estimate that the contract will give 270,000 drivers and warehouse workers an increase of more than 30% in wages and fringe benefits over three years. That is well above the Carter Administration's wage-guideline limit of 7% a year. But the Council on Wage and Price Stability, by tortuously twisting the guideline rules, pronounced the agreement acceptable. Chief Inflation Fighter Alfred Kahn admitted that the Administration's official position...
...hour in 1981. They will also get an additional $1.09 for benefits, like health insurance. Assuming an average inflation rate of 6% over the next three years, as the Administration optimistically does, the cost of living payment would add another 830 and bring the total wage and benefit increase for the contract to $3.42 an hour...
...guideline calculations because of various exemptions granted by the Administration. For example, since retirees have no voice in the ratification and are technically not part of the bargaining, the White House agreed to exclude the cost of increasing their pension benefits. If these exemptions were included, the wage-and-benefit boost would come...
...business community, Sawyer denounced stringent antitrust legislation and advocated lower corporate taxes and a balanced budget. He found himself severely tested in 1952, when Truman seized the steel industry in order to avert a strike. The President ordered Sawyer to administer the mills and grant workers and owners wage and price increases. Unhappy with the seizure, Sawyer acted only when assured of the order in writing. Resigning his post after Eisenhower's election, he returned to Ohio and his law practice, continuing to hold firm his belief in the nation's free enterprise system. "The United States, like...