Word: waging
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Dates: during 1970-1979
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Howard Baker: His pursuit of the broad center has produced a six-point economic program that exudes moderation. He calls for a phased four-year schedule of tax cuts, of so far undetermined size. He pledges not to impose wage and price controls, promises to restrict the growth of the money supply, and vaguely calls for a two-year "moratorium" on the issuing of new regulations. He supports a constitutional amendment that would require a balanced budget unless a deficit is approved by two-thirds of Congress. To stimulate saving and investment, he would exempt from taxation at least some...
...delegates believe the labor movement, for all its shortcomings, can best provide the broad base DA needs to operate. An official of the National Organization of Women assured a union audience, "We know it is important for women and labor to be national allies. The way to close the wage gap is to unionize women workers." But some strains between leftists and unionists were evident. At the energy workshop, activists complained about labor support of nuclear power. Building nukes means construction jobs, at least in the short run. On such issues delicate compromises are necessary to keep the coalition together...
Without slower pay hikes, oil-induced inflation would have soared even faster. Schultze says his main goal now is to continue the moderate wage trend so that higher oil prices will not ripple more inflation through the whole economy...
...recent salary moderation has been far from uniform, and some yawning disparities have appeared. Sibson & Co., a New Jersey management consultant firm, calculates that the compensation of top business executives has increased by 14.8% this year with the help of salary bonuses often reaching 20%. Among wage earners, the hourly pay of union employees grew by only 8.3%, while that of nonunion workers edged upward just 7.2%. In other categories, the Labor Department reports that the earnings of an attorney rose by 8.9% on average; that was less than his stenographer's 12% increase but well above his file...
...period of rapid inflation, well-organized workers and those with scarce skills can protect themselves better, but even they eventually fall behind rising costs, and their living standards decline. Like Oliver Twist, American workers are expected to begin asking, "Please, sir. I want some more." The minimum wage is already due to rise next Jan. 1 from $2.90 an hour to $3.10. Nonunion workers are likely to start demanding greater pay hikes to catch up with both union salaries and inflation...