Word: cutting
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Dates: during 1970-1979
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...this, the key requirement imposed by Congress is the contribution from Chrysler's workers. Although its blue-collar employees have already agreed to forgo expected wage increases amounting to $203 million in the next three years, Congress insists that an extra $259.5 million be cut. This will force Chrysler and the United Auto Workers to renegotiate the contract that they concluded in November. Said Senator William Roth, the Delaware Republican: "Our proposal would have to be ratified by the workers. Ultimately, it is up to them." White collar employees will also be hit; their wage packages...
...Paris-based Organization for Economic Cooperation and Development, which comprises the world's 24 leading non-Communist nations, also issued a grim forecast, and on an even larger scale: a rise to $26 per bbl. would cut nearly 1% off its members' economic growth, reducing it to stagnation at best, and push OECD inflation up from an earlier projected 9% to at least 10%. Largely as a consequence of the oil increases, the organization now expects unemployment in its member nations to rise from just under 17 million to a full 20 million...
With OPEC in disarray and vulnerable, bold action by oil-importing nations to cut their dependence on foreign petroleum cannot be easily countered by cartel members. Operating through OPEC, their monopolistic, price-propping has placed an enormous and continuing burden on oil consumers everywhere. Economist Otto Eckstein, president of Data Resources Inc., estimates that OPEC'S policies have been bloating the world's oil bill by $40 billion to $60 billion a year. Says he: "We need that cartel like we need a tourniquet around our necks. Any form of free competition is going to lead...
...White House has been mulling over new initiatives that would cut imports without the need for congressional action. Proponents and opponents of various measures can agree on one key point: the U.S. has rarely had a better opportunity, or more need, to take energy action. Year after year, that action has been impeded by debate over which groups in the population, which regions of the country, should make the largest economic and environmental sacrifices. After Caracas, it was clear that unless the U.S. accepts some compromises that will cut its consumption of precious petroleum, the OPEC cartel will simply regroup...
...deficit may well be swelled by a tax cut, if not in 1980 then in 1981. Congress has many ideas for reducing Social Security taxes; on Jan. 1, they will rise from $1,404 to $1,588 a year for anybody earning $25,900 or more. The Board of Economists expects that, in all, taxes will be cut by about $30 billion, including a reduction of some $10 billion for business, probably in the form of liberalized depreciation. Though such a move would increase the deficit at first, it would soon after pay dividends. By helping to sharpen the nation...