Word: wages
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Dates: during 1970-1979
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Administration experts fear that they may not be sure for another two months whether the economy is heading up or down. But well before then, Carter's voluntary wage and price guidelines will have faced some crucial tests. Foremost is the trucking industry's bargaining now under way with the Teamsters union, which is seeking pay raises as high as 38% over three years, far beyond those permitted under the guidelines. Unions generally cite rising corporate profits (see ECONOMY & BUSINESS) as one reason to demand bigger raises. Alfred Kahn, the Administration's top inflation fighter, concedes some...
Another factor has been the increase in the minimum wage, which went from $2.65 to $2.90 on Jan. 1. Higher fuel prices and gasoline shortages may also hurt the chains because people will be less inclined to drive out for a meal. Indeed there has been a quick rise in supermarket sales of fast-food fixin's to prepare at home...
...guidelines, but dropped the idea because it was legally questionable as well as politically risky. Now Kahn says that the Administration will rely on "statesmanship and informed public opinion" to curb the spread of these "outrageous" increases. Unfortunately, that is not likely to be enough to hold down public wage raises, which are highly visible and thus set a tempting example for powerful unions in the trucking, electrical and other industries in this year of heavy labor bargaining...
Working as an associate at the Wall Street law firm of Bass and Marshall is a curious sort of servitude. The associates are liveried in Brooks Brothers suits, their glass-box sweatshop has Oriental rugs, and the minimum wage is $27,000 a year. If they slave night and day for eight years, they may ascend to partnership and gain the privilege of exploiting other associates. Along the way, their brains turn into stuffed briefcases, and their souls are lost to mean ambition...
...invasion of Viet Nam by China reminds me of the things Vice Premier Teng said in his interview with Time Inc. Editor in Chief Hedley Donovan: "China is quite poor." Apparently, nations are never too poor to wage war and destroy. What a folly...