1976 Wage Pacts Held Key to Renewed Inflation
Michael H. Moskow, whom President Ford has nominated to head the White House economic watchdog agency, told the Senate Banking Committee yesterday that a heavy collective bargaining calendar next year could raise the danger of inflation-pushed by wage in-</br></br>Michael H. Moskow, whom President Ford has nominated to head the White House economic watchdog agency, told the Senate Banking Committee yesterday that a heavy collective bargaining calendar next year could raise the danger of inflation-pushed by wage in- dmaaasiponse to. questioning from committee chairman Sen. William P.rox-mire (D-Wis.), Moskow said wage negotiations next year would be ' an area that would have to be watched ÛÏvery' closely.Û</br></br>MoskowÛªs statements came at hearings on his nomination to become director of the Council on Wage and Price Stability.</br></br>He also told Proxmire that he finds a gradual, phased decontrol of oil prices preferable to immediate decontrolÛÓwhich might occur if Congress fails to override the expected presidential veto of a bill extending price controls another six months on 60 per cent of the nationÛªs domestic crude oil.</br></br>ÛÏThe problem is that a huge bulge occurs,Û Moskow said. ÛÏI general, when removing price controls, it should be done gradually to reduce the impact on inflationary expectations.Û Moskow, who was assistant secretary of the Department of Housing and Urban bevelopment, was nominated last month to succeec Albert Rees as director of the Council on Wage and Price Stability. Rees returned to Princeton University where he is provost.