Word: wages
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Dates: during 1970-1979
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Appointed to the National War Labor Board, Morse broke with the Administration when the striking mine workers were granted a larger wage boost than other workers had been granted. After an angry blast, Morse resigned. Then he ran for the Senate in Oregon as a Republican. Franklin Roosevelt sent him a message urging him to give the President "hell" if he wanted...
...Fissures. Meanwhile, new fissures were opened in the Administration's policy façade by Federal Reserve Chairman Arthur Burns, who last week called for a return to voluntary wage-price restraints. Burns also urged restoration of a Cost of Living Council shorn of enforcement powers but able to bring the pressure of public opinion on corporations and unions seeking exorbitant increases. Such proposals run directly counter to the views of the President, who is opposed to even the mildest Government intervention to moderate wage-price boosts...
...thing, the President-possibly acting through a revived Cost of Living Council-should monitor wage-price increases in key industries with a baleful eye and demand from Congress stand-by authority to roll back those that are far out of line. Even liberal economists are generally reluctant to go back to comprehensive wage-price controls. But in a highly inflationary climate, the Government must try to counter the temptation for unions and companies to push for the biggest increases that their raw economic power would temporarily command. Indeed, many economists fear that high wage demands are about to replace shortages...
...Government should also explore all possible ways to increase the productivity, or output per man-hour, of the nation's work force. High productivity enables employers to grant wage increases without raising prices, but U.S. productivity fell at an annual rate of 5.5% in this year's first quarter...
...whether any U.S. Administration could summon the courage to launch this kind of all-out attack on inflation. It would succeed only if the public could be persuaded that all parts of society-the businessman jawboned out of price increases, the worker asked to settle for a modest wage increase, the banker told not to make certain loans -were being asked to make equitable sacrifices. The only answer is that the risks of not doing so are even greater. For the Nixon, Ford or any other Administration that might be in power-and for the nation as a whole-there...