https://issuesinsights.com/2021/05/13/bidens-stale-rerun-of-that-70s-inflation-show/
Among the young, hip, Woke crowd, faux-nostalgia for the fabulous 1970s is all the rage these days. Well, if it’s the ’70s they want, it’s the ’70s they’ll get. And good and hard, as the saying goes. Seen inflation lately?
April consumer price inflation surged 4.2% over the last 12 months, four times higher than expected. Core inflation, which strips out volatile prices for food and energy, posted its biggest monthly increase since 1981, for a gain of 3% over the last year and the biggest annual increase since 1996.
OK, our inflation is bad, but we’re not quite at 1970s levels yet. During that nasty decade the consumer price index averaged 7.25% annual growth.
Because of inflation, the ’70s are nothing to wax nostalgic about. Energy shortages, blocks-long lines at gas stations, soaring prices for homes, groceries, cars, and restaurant meals and everything in between made the decade a miserable one.
Surging prices decimated the stock market by cutting the real value of corporate earnings and capital gains, and pushed market-based interest rates for even credit-worthy borrowers to over 20%. Gold and other commodities prices soared as investors dumped financial assets in favor of hard, tangible goods. Real investment grinded to a halt. Unemployment rose along with prices, an ugly double-whammy.
Even worse, the ’70s were the decade that the big post World War II gains made by average workers came to a sudden and devastating halt.