Loss for inflation fighters
While Jimmy Carter was waging his diplomatic offensive in Europe, his home front troops continued to lose ground last week in the campaign against inflation. Barry Bosworth, chief of the Council on Wage and Price Stability, repeated that inflation will not be slowed until pay increases in major union settlements decline to 7%, from 10% in recent contracts. But 13 railway unions were busy wrapping up a much richer pact.
Four of the unions, covering 340,000 of the nation's 496,000 railway workers, signed a "memo of understanding" for a threeyear,...
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