Word: wages
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Dates: during 1970-1979
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...single year. The price of gold rose to a record high of $216 per oz. Carter met with his top economic advisers last week to work out a plan to combat inflation, now the No. 1 domestic issue, and although he has repeatedly rejected all proposals for wage-price controls, there were indications that his advisers were definitely considering guidelines with some force in them. Both the Business Roundtable, a group of top executives, and AFL-CIO President George Meany denounced all plans for such guidelines. Nevertheless, Carter's group seemed to be leaning toward limits of 7% a year...
...Stage Two recommendations drawn up by President Carter's advisers center on wage-price guidelines?7% for wages and 6% for prices are the most widely rumored figures?that would be technically "voluntary" but nonetheless backed by a threat of federal penalties against violators. Okun speculates that the Government might require the 100,000 or so firms doing business with it to sign binding pledges to observe the guidelines before they are allowed to bid on the $80 billion worth of federal contracts awarded each year. Such a proposal is in fact on Carter's desk...
...make-or-break" gamble. If so many businessmen refused to sign that the Government was forced to buy from non-pledgers?or, worse, if the Administration winked at violations as the price of avoiding crippling strikes?President Carter would lose all chance of winning wage-price restraint. In Okun's view, the risk in not adopting a tough guidelines policy is worse: negotiations next year in the construction, auto and trucking industries could result in a wage explosion that would push inflation firmly back to double-digit rates. Joseph Pechman, director of economic studies at the Brookings Institution, adds that...
...divisions also exist between workers in each of the three sectors. These tensions produce antagonisms between the suburb and the inner city, and by general private sector sentiment against wage increases in the public sector. O'Connor adds, however, that these tensions are superficial, suggesting several means whereby working people can unite to secure democratic control of state expenditures...
...union's negotiating committee accepted the contract. It was rejected, however, by the union membership. The contract provides for wage increases and additional vacations, but does not include the changes in pension, dental and Blue Cross coverage desired by the union...