Word: spiraling
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Dates: during 1950-1959
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...procession of economists, financiers and assorted experts testifying in Washington on the course of the U.S. economy. Commerce Secretary Sinclair Weeks added his bit last week. Secretary Weeks's appraisal: "Spotty." He was worried about inflation's steady spiral, which pushed living costs to an alltime high in June (see NATIONAL AFFAIRS). Yet the economy seemed well able to absorb the high prices-at least for the moment. In 1957's second quarter, the gross national product climbed to an annual rate of $433.5 billion, some 5% more than last year; half the gain...
...executives of the major corporations who fix prices to maximize their profits rather than production and employment." Even ex-Socialist Reuther knew better than that. But what was encouraging in the hassle was that both management and labor-each understandably edgy about the rising criticism of the upward spiral-were so anxious to defend their positions before the public. From such edginess could come a new caution which ultimately should benefit management, labor and the U.S. economy in general...
...Last summer the powerful British Medical Association and its trade-union shadow, the British Medical Guild, decided that something must be done. They drummed up doctors' indignation, presented the government with a demand for a 24% across-the-board increase. Trying to check Britain's wage-price spiral, the government flatly refused...
...facts, as New York Timesman Edwin L. Dale Jr., 33, reported this week: 1) in 1952-55, retail prices of manufactured goods, as well as food prices, declined a bit on the average; 2) the main inflationary factor is not a wage-price spiral so much as the fact that service businesses (mostly small), along with landlords, doctors and dentists, keep pushing up prices of "non-goods"-services, utilities, rents, transportation fares...
Although about 1,200,000 members of the United Auto Workers are cushioned by a cost-of-living escalator in their contract that contributes substantially to the wage-price spiral, U.A.W. President Walter Reuther wrote President Eisenhower an indignant letter last month inveighing against inflation-which he blamed on "price gouging" and "unconscionable profiteering" by "guilty corporations." Last week, speaking to the U.A.W.'s Skilled Trades Conference in Chicago, Reuther vowed that in 1958 his U.A.W. would "win the highest economic wage concessions we have ever won . . . We cannot convince General Motors to part with its millions by pious...