Word: wages
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Dates: during 1970-1979
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...presidential authority to reorganize the Executive Branch and to create a Department of Energy, the first Cabinet addition since 1966; a quick tax cut to stimulate the economy; a strip-mining bill; new clean-air provisions; increased price supports on wheat and corn; a hefty increase in the minimum wage; a limited program of public works jobs. In foreign affairs, Congress voted against automatically cutting off U.S. aid to nations that violate the basic rights of their citizens; it left these decisions in the President's hands. In matters of defense, it went along with Carter's unexpected decision...
...rate of 11.7% on the first $16,500 of an employee's earnings. (No one pays any Social Security tax on earnings above that amount.) Since employer and employee each pay half of the tax, the maximum payment is $965 apiece. The tax rate and the wage base were already scheduled to rise in future years, but the House hiked them much higher and much faster. Someone earning $10,000 a year who now pays $585 for Social Security would pay $710 by 1987; someone making $42,600 and paying $965 today would be shelling out $3,024.60 by that...
Moynihan said "it is wrong to assume that terrorism can be inhibited by modes of punishment or by raising the minimum wage." He added, "The only thing to do with terrorists is as quickly as possible to find them and kill them...
According to the Labor Department, the measure will not noticeably aggravate the nation's persistent inflation problem. It is expected to add no more than $2.2 billion, or about .4%, to employers' wage bills next year. The legislation will, however, have at least a moderately adverse effect on unemployment. The department reports that about 90,000 people will not be hired next year because the higher wage is certain to discourage some employers from taking on additional employees. That is bad news for unskilled youths, especially black teenagers, whose jobless rate is now 37.4%. Says Murray Weidenbaum...
...Republican Senator Jacob Javits: "This bill represents the very least we can do for those workers who cannot protect themselves and their families from the erosion in their living standards caused by inflation." It is probably premature to say for sure whether organized labor's victory on minimum wage presages a resurgence of union influence in Congress. But one thing is certain. The increasingly powerful business lobby is not likely to let itself be so obviously outmaneuvered in any future congressional confrontation...