Word: wages
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Dates: during 1970-1979
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...last major wage hike of July 1, 1973, the average real gain in earnings for these technical and clerical workers was less than 1 per cent. And organizers claim that promotion prospects for workers and health benefits are painfully inadequate...
...demand for controls was very ev ident last week. The Senate defeated a move by liberal Democrats to give the President power to reinstitute wage-price restraints for another year. It gave preliminary approval - by only a 44-to-41 vote - to a much more limited measure granting authority to reimpose controls on companies that violate formal price-restraint agreements. But even that proposal must still get final approval in the Senate and then the House, where it faces strong opposition. AFL-CIO President George Meany and other union leaders are putting heavy pressure on Democrats to kill all controls...
...rise 33%, to $20. On the blue-collar front, 12,000 West Coast members of the International Longshoremen's and Warehousemen's Union saluted the end of controls by walking off their jobs for one day. Two years ago, the COLC knocked 300 an hour off the wage increase that the union had negotiated. The dockers now are bargaining to get that 300 and more...
Indexing in one form or another is already being widely practiced. Wages are now indexed in many European countries. Last year Canada adopted a system of hinging income tax liability to price rises. In the U.S., "escalator clauses" tying wage rates to prices are familiar, and Social Security payments now automatically escalate with the consumer price index. Last week Republican Senator James Buckley of New York introduced a bill to tie tax liability and the value of Government bonds to movements in price indexes. Most significant, wholesale indexing has been a critical factor in cooling Brazil's scorching inflation...
...there are reasons to suspect the success of indexing, even in Brazil. For one thing, a 39% inflation rate is scarcely anything to celebrate. For another, a large part of the credit for containing inflation in Brazil must go not to indexing but to the country's stern wage-price controls. Strikes are banned, what unions exist are kept weak, and yearly wage increases are held below productivity gains. The price index is also blatantly manipulated. It is heavily weighted to living costs prevailing in the state of Guanabara (where Rio de Janeiro is located), where prices trail those...