Word: hike
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White even succeeded in the Irish and blue-collar areas which were thought to be resentful of his new property tax rate hike and where he is known as "Mayor Black" because of his liberal policies toward the ghettos...
...risen once again and that inflation was continuing. With an assist from the Nixon Administration, a steel strike was averted at the last moment, but inevitably at an inflationary cost. Within 24 hours after the wage settlement was announced, most of the big steel producers posted a price hike. After 18 disruptive days, the nationwide rail strike was brought to an end. Though many featherbedding work rules were finally eliminated, the United Transportation Union extracted a 42% pay increase spread out over 42 months...
...usually brought more pleasures than immediate problems. Prices rose, but paychecks and profits scooted up even faster. Few people could resist the urge to go on a buying spree to stock up on clothes, cars and all sorts of consumer goods in order to beat the next price hike. Daring entrepreneurs became instant millionaires; even penny-ante plungers built up neat nest eggs in the stock market. Inevitably, an exhilarating boom faded into sobering recession. But the letdown was usually short and sharp, followed quickly by rebound and prosperity...
...rail strike is a case in point. Though already granted a 42% wage hike, the United Transportation Union was resisting changes in costly and long-obsolete work rules, fearing they would lead to a restricting of both income and jobs. Nixon did summon leaders of both sides to express his concern, and Mc-Cracken explained that if the walkout continues through August it would reduce the anticipated gross national product by $50 billion-three times the cost of the General Motors strike. Although the usual emergency legislation to stop a rail strike was prepared, by week's end Nixon...
...workday, the union is determined to keep its pay scale tied fairly close to that 100-mile base. (The union made a deal late last week with one railway, the Chicago and North Western, to modify the 100-mile rule in some circumstances-in return for a 42% wage hike over the next 31 years...