Word: wages
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Dates: during 1970-1979
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That criticism exasperates Carter's aides. Says Blumenthal: "When you ask the business community what they have in mind, I don't hear anything. You mention guidelines, wage and price controls, jawboning-no, no, no, they don't want that." The President himself notes that the Federal Reserve's sporadic efforts to check inflation by restricting the growth of money supply push up interest rates -and rising interest rates have helped to depress the stock market. Last week the White House issued a highly unusual "notice to the press" warning the Federal Reserve not to push...
...zigged and zagged between their conflicting demands. Generally, he has pleased environmentalists far more than businessmen-but he also has proposed a speedup in the licensing of nuclear power plants that dismays some environmentalists. More important, he pleased business initially by asking for an increase in the minimum wage so small that AFL-CIO President George Meany called it "shameful." Now, he is prepared to sign a bill increasing the minimum wage by 45%, to $3.35 an hour in 1981-a boost that businessmen consider highly inflationary...
...last week-and with good reason. After a series of rebuffs from the overwhelmingly Democratic Congress it had helped elect, labor won its first significant legislative victory of the year. Against the vigorous opposition of business and many economists, Congress voted to boost the minimum wage from its present $2.30 an hour to $3.35 by 1981, an increase of 45%. Unlike in past efforts, the unions pulled out all stops to press for the measure, putting together a potent coalition of blacks, womens' groups, church and labor leaders. Said AFL-CIO Spokesman Al Zack of labor's hard...
Under the new measure, the minimum wage will rise to $2.65 next January, $2.90 in 1979, $3.10 in 1980, and $3.35 in 1981. At present about 3 million people are receiving the minimum wage; by 1981 that figure should increase to an estimated 5 million. Most of those in the lowest pay categories work at less skilled jobs such as retail clerks, bellhops and receptionists, in addition to manufacturing in some Southern textile and apparel plants...
Though it fought hard, labor did not get everything it wanted. For example, Congress refused to go along with the unions' proposal that the minimum wage be tied to raises in the average manufacturing wage rate, in effect a form of indexing for inflation. Moreover, 650,000 workers now covered by the law will be cut out as a result of an increase in the number of small businesses exempt from the law. At present, a store does not have to pay its workers the minimum wage if it has annual sales of less than...