Word: waging
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Dates: during 1980-1989
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Runaway prices have dogged and bedeviled every President since Lyndon Johnson, who helped unleash the price spiral in 1965 by financing the Viet Nam War almost entirely out of federal deficit spending, without raising taxes. Richard Nixon's clumsy efforts to stop inflation by a 90-day wage and price freeze, and later by various "phases" of economic restraint and stimulus, merely made the problem worse. Gerald Ford's jawboning efforts, epitomized by WIN (Whip Inflation Now) buttons, gave the impression that Washington had few ideas on how to cope with price increases. Under Jimmy Carter, inflation reached...
...Administration deserves credit for policies that have given Americans their first real confidence in more than a decade that inflation is being seriously attacked. The President's tough stand on wages, for example, evidenced by his firing last August of 15,000 professional air traffic controllers for their illegal strike action in a wage dispute, has already helped stiffen the resolve of employers in contract talks. Wages and benefits account for some two-thirds of all U.S. business costs, and the emerging pattern of wage restraint in key industries, such as autos, trucking and airlines, strongly suggests that...
...addition, the more than 9 million wage earners covered by contracts containing cost of living adjustment clauses will also feel a transitional pinch. COLAS automatically adjust earnings to help offset inflation, and many people have become accustomed to counting on those illusionary increases in their incomes...
Even though economic warfare has usually not been a useful weapon in diplomacy, especially in the short run, Britain is now in a particularly good position to wage it. Economic sanctions now, deftly managed, could, as the Observer of London said, turn out to be "deadlier than the navy...
...would subsidize local co-ops, church-sponsored housing, and small farmers rather than lumbering auto makers. Lekachman calls for closing tax loopholes--which channel resources into unproductive uses--and redirecting the proceeds to pay for the NIA and for expanded social welfare services. Inflation should be fought not by wage concessions but by controls on oligopolistic price-setting. But Lekachman is not a naive statist. He argues that controls should not be put on competitive sectors of the economy like retailing, and he favors experimentation in decentralized planning methods, particularly workers' self-management...