Word: wages
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Dates: during 1970-1970
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...policy before Congress than was David Kennedy, a guileless Mormon who will move to a Cabinet-level job in international finance at the State Department. In terms of economic ideology, Connally is an enigma: he recently observed that the Administration's attack on inflation could not succeed without wage and price controls, but he has not said what he would do instead. Democratic liberals in Congress feel his appointment spells doom for serious tax reform and for any real commitment by the Administration to the goal of full employment. But to Wilbur Mills of Arkansas, chairman of the House...
...dangerous time for a government is hot when conditions are bad but when the regime is trying to make them better. Demonstrating both arrogance and a lack of touch with popular feelings, the government neglected to explain adequately what it was doing; as rumors spread about price increases and wage freezes, people pulled money from under mattresses and went on buying sprees. When the government finally did attempt to spell out the complicated new system, explanatory meetings frequently dissolved in confusion...
Capitulating to growing public anger and to popular support for the Conservative government's hard-line stand against inflationary wage increases, the 125,000 Electrical Trades Union (E.T.U.) workers abandoned their crippling power slowdown. While the E.T.U. power men did not give up their demands (a $13.92 increase over current average weekly earnings of $57.60), they submitted to adjudication of their wage claims by a Special Court of Inquiry charged with formally taking the national interest into account...
...Prime Minister Edward Heath depends on whether or not the Court of Inquiry rules in favor of the Electricity Council, which had offered the workers only $4.80 more a week. Nonetheless, Heath's success in preserving his hard line has for the moment given pause to imminent inflationary wage claims by other nationalized public workers, including employees of Britain's railway, post office and waterworks. It has also increased his personal popularity. A Gallup poll taken during the E.T.U. slowdown indicated that 45% of the populace approved of Heath's performance as Prime Minister, while 42% were...
There were many other causes of business distress. While consumer demand for goods and services softened, U.S. labor's demands for more wages and fringes hardened. The nation lost more working time through strikes-60 million man-days-than in any year in the past decade. Major union contracts negotiated in the first nine months of 1970 called for annual increases averaging 10%. In a modern form of highway robbery, the militant Teamsters imposed a 15% increase, thus setting a target for the rest of organized labor. To head off what could have been a nation-paralyzing strike, Congress...