Word: wages
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Dates: during 1970-1979
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...tough measures aimed at dealing with the problems of big deficits, broad unemployment (1.7 million) and high inflation (at 14%, Europe's worst) that helped touch off the crisis. After Andreotti becomes Premier for the fourth time this week, he plans to cut spending, increase tariffs, curb wage hikes and channel more funds to private investors through loans and tax incentives in order to spur industrial development. He will also try to close a projected $10 billion budget gap by reducing such benefits as medical care and pensions...
...fastest rates in the industrial world, yet whining fearfully that inflation is likely to result. The spectacle is compounded by the nation's refusal either to cut its $61 billion budget deficit (despite Jimmy Carter's pledge to do so) or to institute a tough wage-price policy to cope with the inflation threat...
Still, much of the congress bore Teng's stamp. In his 3½-hr. address, Chairman Hua stressed a favorite Teng program: the "four modernizations" of agriculture, industry, defense, and science and technology. And a draft of a new national constitution for China introduced by Yeh hinted at wage increases and other incentives for workers, which Mao had opposed. Since coming to power, the troika has given some 20 million workers their first pay raises in almost two decades (though average urban salaries still remain in the $20-to $30-a-month range...
...Labor Statistics' consumer price index. As inflation has embedded itself in American life, the CPI has become possibly the most important economic statistic issued by the Government. Escalator clauses tie the incomes of perhaps half of all Americans to movements in the CPI; among them are 8.5 million wage earners, 31 million Social Security recipients, 20 million people who receive food stamps, and 2.5 million retired military and federal employees. But the index has had two serious drawbacks: it is based on the spending patterns of only urban blue-collar and clerical employees, who now constitute less than...
...CPls. The first new index, still focused on blue-collar workers and clerical employees, updates their spending habits through surveys of family budgets taken in 1972-73 and rigorously analyzed ever since. The second (CPI-U) reflects the new spending patterns not just of wage earners but of "all urban consumers," including, for example, retired people and self-employed professionals; it is supposed to reflect the way 80% of Americans spend their money...