Word: multiyear
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Last week U.S.W. President Lloyd McBride tried again, this time with an imaginative appeal not just for a wage freeze but for what would have amounted to an unprecedented pay and benefits cut of nearly 10% in the first year of a new multiyear contract. The deal would have required the U.S.W., in effect, to tear up its existing two-year-old contract, which does not formally expire until next August, and sign a new 45-month contract under which the steel companies would set up generous profit-sharing plans for U.S.W. members...
...understandable compromise between domestic political pressure from the farmlands and foreign policy concerns. Though President Reagan had lifted in April 1981 the partial embargo on grain sales that had been initiated by Jimmy Carter after the Soviet invasion of Afghanistan, he also abruptly cut off talks for a new, multiyear grain deal with Moscow after martial law was imposed in Poland last December. Since the military crackdown in Poland is still in effect and European allies are squawking about U.S. opposition to helping build the Soviet natural gas pipeline, Reagan could hardly strike a long-term grain pact with...
...would be reassuring to think of multibillion-dollar defense contracts as a tonic for cash-starved U.S. industries. For years businessmen and the Pentagon have rightly urged Congress to take a long view in planning its defense expenditures, using multiyear procurement programs in order to ensure the steady and smooth development of new weapons systems. Unfortunately, the explosive new surge in defense spending is coming just when factories and financial markets will find it difficult to handle the strain...
...problems. General Dynamics Executive Frederick Wood says that in addition to pursuing endlessly the "latest bell and whistle," the Government too often slows production, hoping to keep immediate costs down but causing problems in the long run. John W. Day, president of Chrysler Defense Corp., contends that multiyear contracts would save large sums of money because they simply allow for more orderly production. Speaking in Pentagonese, he says, "It would allow you to go out and facilitize in such a way as to maximize profitability." In other words, it would allow companies to buy materials and make investments...
...will follow the Soviet example and rely more on gradually improving existing weapons than on ordering up entirely new models. An extra $2.1 billion has been included in the 1983 budget to reflect more accurately the probable effects of inflation on weapons procurement. Contracts will be proposed on a multiyear basis, and big-ticket items are to be budgeted fully in the first year of the program...