Word: wages
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Dates: during 1970-1979
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...prominent dozen of the prisoners. Observers applauded, but waited to see how the new leader would handle the problem that has now toppled three governments: galloping inflation, which runs over 100% a year and puts a basic meal of yam and milk beyond a laborer's average daily wage-about...
...healthy economy cannot tolerate that pace. It wipes away most wage and salary gains, lowers standards of living and sets poor, middle class and rich to snarling at one another. It also weakens the dollar overseas: foreign moneymen rush to dump greenbacks out of fear that inflation will steadily erode their value. Last week the dollar slipped to a record low of 201 Japanese yen, down almost 17% just since January. The dollar's slide, in turn, makes U.S. inflation worse because it raises the prices that Americans pay for imported goods...
...quick slump back into recession, or perhaps both. Although Miller opposed his colleagues at the Fed on the need for another discount rate increase, he is persuaded that inflation is a more immediate peril than recession; he recommended that Congress postpone the 25?-an-hour increase in the minimum wage (now $2.65) that is set for next...
Treasury Secretary W. Michael Blumenthal quickly seconded the Fed chairman's appeal. By Miller's calculations, the increase could boost inflation by one-half of 1 % next year, as the higher wage costs in such businesses as restaurants, motels and supermarkets ripple through the economy...
Okun puts the chance of an approaching downturn at 55% and urges that carrot-and-stick income tax policies be adopted to encourage labor and management to hold down wage and price raises. Unions and companies that settled for low increases would pay reduced taxes, while those that helped aggravate inflation would suffer tax penalties. Such an approach has been used successfully in Britain, where in the past year and a half inflation has plunged from some 20% to about 8%. But with the Administration's entire tax policy tangled up in Congress, Okun admits that his proposal...