Word: wages
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Dates: during 1970-1979
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...vowed to wage war against American interests in the Middle East and around the world in order to undermine the accords...
...being even so tepidly tempted constitutes an intellectual victory for Federal Reserve Governor Henry Wallich, who has been pushing TIP through nearly eight years of debate in obscure economic journals. His basic idea, elaborated in cooperation with University of Pennsylvania Economist Sidney Weintraub, is to set a guideline for wage and benefit increases-about 5% a year in Wallich's latest version-and slap a penalty tax on any company that raised pay as much as 1% more. In his view, that would force employers to hold down wages, and prices would automatically follow...
Even some sympathizers think labor will never buy his plan, and so last year Arthur Okun, a member of TIME'S Board of Economists, proposed a variant: cuts in income taxes for both companies and their workers if wage increases are held to 6% and price boosts to 4%. Proxmire's bill would authorize the Administration to try either type...
Both are denounced by conservatives who oppose any interference in the free market. Government officials' main fear is that a monstrous bureaucracy would be needed to monitor hundreds of thousands of wage and price boosts. For that reason, the Administration favors Wallich's TIP over Okun's: watching just wages would be easier than keeping tabs on prices too. Weintraub suggests that policing could be simplified by confining TIP penalties to the 2,000 or so biggest U.S. companies...
...doing away with the most noxious symbols of apartheid. The company regularly consults nonwhite employees on plant problems and even recognizes black unions; though such unions are not specifically prohibited, black organizing is effectively blocked by South Africa's labor code, which excludes unionized blacks from officially recognized wage negotiations and denies them the right to strike...