Word: wages
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Dates: during 1970-1979
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Such jollity is the sugar coating for bitter medicine that somehow must be administered. Strauss has discovered the self-generating nature of inflation. When prices rise, national concern rises, which instantly breeds new wage demands and pressure on the markets, which produce more price increases. "Then everybody is grabbing to get theirs," he sighed...
...Establishment of the lowest level of wages at a level sufficient high to provide a generally acceptable adequate living wage...
...needed to create jobs, and that it "would not be inflationary." Since only 82% of the nation's production capacity is being used, he asserted, inflation is not being caused by the excess demand that would be aggravated by big budget deficits, but rather by "a cycle of wage increases, price increases that kind of grow on one another." Within hours, he had a congressional answer of sorts: in a preliminary vote on the budget for fiscal 1979, the Senate decided, 65 to 22, to leave room for a tax cut of only $20 billion. Ullman, who briefed Treasury...
Second, the implementation of these principles will require only a couple of dollars a day. To achieve anything approaching a decent minimum wage could require increases as large as 500-1000 per cent in some industries. The early history of labor in our own country shows that companies are usually unwilling to offer even small wage increases when labor has no effective bargaining power, as is the case in South Africa today. Even if corporations have developed a little more consideration for morality since the era of the Robber Baron, would they willingly accept the burden of huge wage increases...
...Olof Palme simply subsidized industry. Companies were paid to maintain full production and full employment, even when they could not sell and had to stockpile their goods in anticipation of a surge in demand. The immediate result was a flush of apparent prosperity, which allowed militant unions to get wage increases of 40% in the two-year period...