Word: wages
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Dates: during 1970-1979
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...other techniques of salvation--gentle persuasion and cajolery--talents the President did not use to great effect in the last session of Congress. Before his plan has a chance of success, he will have to convince Congress to accept his "lean and austere" budget, Labor to hold down its wage demands, and Big Business to limit its price hikes. Along with miscellaneous other programs, these are the steps that Carter sees as necessary to curb rising prices...
THIS FALL KING JIMMY chose Alfred Kahn, a curious cross between the court jester and the court sage, to serve as chairman of his Council on Wage and Price Stability and Adviser to the President. Thus far Kahn has engaged in witty wordplay with his inimitable foe--inflation--and found it doesn't succumb to his funnies as readily as his other, more human audiences. Since the Vietnam war inflation has gained an increasingly prominent position on the roster of the nation's problems--the Consumer Price Index indicates that prices have doubled in the past eleven years. And unless...
...past couple of months, Kahn has come out with some one liners, as jesters and wise men will, that probably made his boss laugh uncomfortably. After Carter had announced his wage and price guidelines, for instance, Kahn pulled an Andy Young, saying he feared the nation might be in for a "deep, deep depression," words an allegedly Democratic President would rather not hear from one of his top economic advisors. The next morning, Carter summarily dismissed the remark as "idle talk," but the inflation fighter was to be heard from again. On a T.V. news interview he captured the Administration...
...recent press conference, one reporter asked the president to react to the fourth-quarter profits of the oil companies which reached 48 per cent, 72 per cent, 44 per cent and 134 per cent in light of the president's request that workers in the oil industry hold their wage demands to seven per cent. Carter answered that, like all good Americans, he would "like to see a good balance between prices and profits...
...IDEA BEHIND Carter's wage and price guidelines is good, though the price increases allowed to industry are not exactly miniscule (they are asked to hold their price hikes to a half percentage point below the average rise in 1976-77). If corporations are setting their prices at inflationary levels, the government should intervene. But the President has acknowledged that he has no tangible means of enforcing them except through the pressure of public opinion. He can't encourage a consumer boycott of violators or withhold federal contracts from them because it would be over-stepping his presidential authority...