Word: wages
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Dates: during 1970-1979
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COAL. Administration officials are concerned that any coal settlement will worsen the wage spiral. Says Brill: "There are contracts for 740,000 construction workers coming up between March and June. I just hope they don't read the papers, because a lot of their wives are going to be around reminding them of that 38.8% [prospective coal wage-and-benefit increase] over three years." In addition companies will also bid up the price of nonunion coal, switch to higher-priced fuels or make up for lost work by scheduling costly overtime when the strike ends. Those moves could boost...
...LEGISLATION. Increases in the minimum wage and Social Security taxes were known to be costly, but the impact was not appreciated until January. Those raises alone could add a full point to the inflation rate for the year. Prices at fast-food restaurants will go up because they employ many workers at the minimum wage. Says a high official of the Government's Council on Wage and Price Stability (COWPS): "This year will destroy once and for all the argument that the minimum wage is not inflationary...
What to do? President Carter at budget time talked up a "deceleration" program of urging union and corporate leaders to hold wage-and-price boosts below the average for the past two years. This idea seems dead, killed by the coal strike and the cost of settling the walkout. The Administration is considering a series of other measures. Among them: holding pay raises of 1.4 million federal employees and 2 million military personnel to only 5%, rather than the 6% planned in Carter's fiscal 1979 budget; having Carter urge state and local governments to cut sales and property...
...Administration must also put together an anti-inflation program that consists of more than constant disavowals of wage-price controls. What that program should be is a legitimate subject for urgent national debate; the very fact of a debate would reassure foreigners that the U.S. is not content just to hope that inflation will go away. Further, Carter might appoint a task force to study ways of increasing U.S. exports, and thus shaving the trade deficit, without trusting to a sinking dollar to do the job. Another useful step would be to ditch the provision of Carter...
...subcommittee's research reveals the inadequacy of the notion of American corporations effecting reform while remaining in South Africa. In 1976, Clark sent questionnaires to 260 firms operating in South Africa, asking for details of their labor, promotion, training and wage policies. One might expect that firms with especially poor records on racial policies would not reply to these queries. In fact, only about 30 per cent of the firms responded. Of that 30 per cent, some gave very incomplete and sketchy answers, and even among the companies that supplied sufficient documentation and detail, the report states there is "little...