Word: wages
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Dates: during 1970-1979
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...might be miraculously rescued by an improvement in the U.S. trade deficit (down from almost $3 billion in July to $1.7 billion in September), by passage of the long awaited and much battered energy and tax-cut bills, and by the President's Stage II anti-inflation program of wage-price guidelines. After all, money traders, finance ministers and central bankers agreed that the long decline had caused the dollar to be grossly undervalued. The greenback will now buy more coffee, clothes, steel or whatever when spent as a dollar in the U.S. than it will when converted into foreign...
...turning point, which forced Jimmy Carter to change his mind, came shortly after he went on television Tuesday night, Oct. 24, to announce his Stage II anti-inflation program. He not only proclaimed wage-price guidelines but also pledged to slash the U.S. budget deficit further and ease the inflationary burden of Government regulation on business. Far from steadying, the financial markets went berserk with the wildest selling spree yet, obviously because investors and speculators judged the policy to be not strong enough. The U.S. stock market tumbled into a deepening nosedive that carried the Dow industrials down 105 points...
...might make to stay within the domestic wage-price guidelines. And continued or accelerating U.S. inflation would eventually bring a much worse recession than any that might be forced by dollar-propping action. As William Fellner, an economist at the American Enterprise Institute, noted, "The risk of getting a recession that would occur earlier was increased [by the dollar-rescue program], but so were the chances that the recession would be milder than expected...
...holding down federal spending, reducing the deficit, lessening regulation of business, raising interest rates and tightening money supply. It all sounds very Republican; about the only Democratic element left in the package is the wage-price guidelines...
...financial markets had been waiting to hear, some Administration officials most unwisely expressed hope that dollar-buying intervention on the currency exchanges would be necessary only for six months or so; fortunately, nobody noticed much. Kahn, on a TV interview show, was asked whether he would support mandatory wage-price controls if necessary to avoid a recession. He said he would, contradicting a year of Administration insistence that it would never consider controls in a situation short of war or a comparable national emergency. By week's end, Kahn recanted: he told the Senate Banking Committee that it is "terribly...