For Americans of a certain age, it conjures memories of painfully long lines at gas stations, shuttered factories and President Gerald Ford’s much-ridiculed “Whip Inflation Now” buttons.
Stagflation is the bitterest of economic pills: High inflation mixes with a weak job market to cause a toxic brew that punishes consumers and befuddles economists.
I remember the 70s. Was kid. Clothes were Salvation Army or hand-me-downs. If meat was on the menu more than once a week it was extremely unusual, and that meat may have been fatback only. We were poor anyway, but it was apparent badness was going on, even to a kid. Trying to find work later as a teen required luck, determination, and a willingness to work cheap. Riding a bike or walking to work was the way to hold onto meager earnings. It struck me in conversation the other day, anyone from the age of about 40 down has never really seen much of a countrywide economic struggle like that of the seventies, the great depression etc. Some rude awakenings on the way. ~~dirtroadlivin
ReplyDeleteUsed to take those dumbass WIN buttons and wear ‘em inverted. NIM - No Instant Miracles.
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