Word: wages
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Dates: during 1970-1979
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Reader Torey Stanley of Oneida, Tenn., calls Social Security "truly a farce" [Nov. 28] and reports that he was denied benefits after an accident at age 22 because he "had not worked the past five out of twelve years." A wage earner disabled at 22 who meets all other requirements needs as few as six calendar quarter-years of work out of the past twelve to be insured, not five years...
...same time that some companies began to hire Hispanics, however, they also began a policy of replacing non-immigrants with immigrants at a lower wage, according to Santiago. Hispanic workers were willing to take lower pay for the same job, having few alternatives, Santiago says. Unions were lax in protecting the wage standard of Hispanics. Exploitation of the workers resulted as it had in previous years with other immigrant communities, he says...
Moreover, if properly presented to the unions as a reward for continued wage restraint, a tax cut could hold off the threat of another pay explosion. That inflationary threat is very real; last summer the unions tore up their "social contract" with the government and insisted on a return to free collective bargaining. Since then, they have won wage boosts exceeding the government's 10% guideline from some private employers?12% from Ford of Britain, for example. The government has been holding the line on wages for its own employees?who, counting those in nationalized industries, total 7.3 million...
...Britain is better than at any time in the postwar years." He could be right?if the government finds the proper combination of tax cuts and investments in modernization. On the other hand, overly generous tax cuts, a niggardly attitude toward investment and a government cave-in to union wage demands could accelerate inflation again and continue industrial stagnation. North Sea oil does give Britain the chance to start the long climb to price stability and high employment?but it would be all too easy for the nation to blow that chance...
...case for higher prices is simple: they need more money, and quickly. Steel profits have slumped deeply this year; Bethlehem in the third quarter reported a record loss of $477 million. The announced price rises found a generally sympathetic ear in Washington. Barry Bosworth, director of the Council on Wage and Price Stability, termed Wheeling's 7% increase "awfully big," but a COWPS official later said of the Bethlehem-Inland hikes: "With inflation running around 6%, nobody is terribly concerned about a 5.5% increase?if that's to be the only increase for 1978. If it's not, there...