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How did we make it though the 70's????

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  • How did we make it though the 70's????

    http://www.youtube.com/watch?v=sgIpV...eature=related

    Mike

  • #2
    Re: How did we make it though the 70's????

    "how did we make it through the '70's?"
    drugs

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    • #3
      Re: How did we make it though the 70's????

      Just fine. I was a young working adult in the 1970's, went through a whole series of jobs that decade - always able to get a new one.

      Wages did lag inflation but not too badly - unions and the ethos of government by the people for the the people was stronger then. U.S. still had a lot of factories - not much offshoring then. Banks and corporations did not control government and the political class at anywhere near the levels they do now, so government and corporate policy was a lot more responsive to the average Joe.

      I got a great job in January 1979 and in October that year, everyone in this major corporation got a 5% raise. We were told it was due to inflation and being done so that our salaries remained competitive.

      Really the 1970's as I remember them were for the most part ok. Inflation was only started to be recognized as a big problem in the very late 1970's and we know what Volcker did next.

      I remember something EJ said - that economies with good real productive capacity (factories, etc.) can comfortably handle fairly high levels of inflation. That was the U.S. in the 1970's. (The specific example EJ used was Korea duuring their inflation)

      On the hand, debtor economies with poor productive capacity, like the U.S. today, do not handle inflation near as well, he said in same posting.

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      • #4
        Re: How did we make it though the 70's????

        I dunno, I think it was Disco that got us thru... ROFLMAO

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