CONTROLS: Breaks in the Wage-Price Spiral

AFTER overseeing the nation's key wage decisions for two months, the federal Pay Board seemed well on its way to becoming the laughingstock of Phase II. Having set a guideline of 5.5% annually for wage increases, board members proceeded to approve labor contracts that called for first-year pay boosts of at least 15% for coal miners and 14% for railway signalmen. Last week, however, the board decided to show some New Year's resolve. By a vote of 9 to 5, the labor-business-public group rejected an aerospace agreement that would have provided an immediate 12% wage increase for some 150,000...

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