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though people wont admit it; few are spending. I have had 2 sets of neighbors, who moved in, bought new cars, boats, maxxed out their credit and moved out ; everyone worries about keeping up w/the Joneses in the US- unfortunately when my neighbor laments the state of education- he talks about the lack of sports teams; not what math or science his son is taking in school.
IMO some Americans have lost their values- they drive massive trucks, but complain about gas prices. They complain about kids using drugs, but bail them out of jail. They complain about child obesity, but keep buying the same junk food.
Couldn't agree with you more SH. I don't get the 70s economy resemblance, but agree entirely with your post. I posted a similar response in another thread about how the middle class is declining in this country.
Are you confused since some of the clothing styles from the 70s came back or some of the TV shows got recycled into movies? Surely you are not serious.
In fact even Wikipedia got the 1970s right
The 1970s was perhaps the worst decade of Western and American economic performance since the Great Depression. Although there was no severe economic depression as witnessed in the 1930s, economic growth rates were considerably lower than previous decades. As a result, the 1970s adversely distinguished itself from the prosperous postwar period between 1945 and 1968. Then, the world economy was buoyed by the Marshall Plan and the robust American economy. However, the high standing enjoyed by the American economy gradually became discomposed by years of loose domestic spending (particularly the Great Society campaign) and funding for the Vietnam war. The oil shocks of 1973 and 1979 added to the existing ailments and conjured high inflation throughout much of the world for the rest of the decade. Soaring oil prices compelled most American businesses to raise their prices as well, with inflationary results. The average annual inflation rate from 1900 to 1970 was approximately 2.5 percent. From 1970, however, the average rate hit about 6 percent, topping out at 13.3 percent by 1979. This period is also known for "stagflation", a phenomenon in which inflation and unemployment steadily increased, therefore leading to double-digit interest rates that rose to unprecedented levels (above 12% per year). The prime rate hit 21.5 in December 1980, the highest in history. By the time of 1980, when President Jimmy Carter was running for re-election against Ronald Reagan, the misery index (the sum of the unemployment rate and the inflation rate) had reached an all-time high of 21.98 percent.
Please stop it. Some people will over extend. Some people will be hypocritical. But the massive social dependence of the 1970s is long gone. So what if Bubba has to sell the McMansion and get a right-sized home?
the FED is underplaying or really manipulating the real rate of inflation.
Gas prices are high and rising, been to the supermarket lately? Prices UP.
Higher education; UP Health care; stratospheric utility costs; UP
C'mon- the stock market was up today 130 points on the basis that an inflation number was lower then expected. Trouble is that number was 'lower' because of the housing bust, which is turning into a massive disaster, and then the market today lost most of its gains. Many economists and members of the FED Including FED Chief Ben Bernanke said housing would 'not implode' 6 months ago. Well HELLO!
You have many Americans tapped out with massive amounts of debt.
Things could get ugly soon- if invested in the markets be very wary.
Well, today we've got Dick Cheney, and back then we had Spiro Agnew. The big difference being that back then, people had sense enough to put Spiro Agnew in prison...
Well, today we've got Dick Cheney, and back then we had Spiro Agnew. The big difference being that back then, people had sense enough to put Spiro Agnew in prison...
Yes
The 70's were indeed a pain in the arears.
Our "operation frequent wind" campaign wasn't as successful as I would have or might have wanted it to be, but what do you do when the communists run you out of town on a rail.
The best thing that Nixon ever did was to get us the hell out of Viet Nam.....
That was when I decided that we should really stop trying to clean up the messes that the French always seemed to leave for us to clean up.
The wonderful 70's, ah yes...... no gas, no money, no good music..... oh and the attempt to go metric sure flopped in a big way, didn't it?...
Last edited by GiftShoppeGuy; 05-15-2007 at 10:10 PM..
The blue collar and manufacturing jobs were still here in the 1970's though, there were not all of these "layoffs" and "downsizings", there was more job security, there was hardly any illegal immigration, and the cost of healthcare was within the reach of most people. Things are worse today.
montanamom - Unemployment in 1975 went over 9%. It's under 5% now. The manufacturing age in the U.S. is over. The sooner that Americans realize that our economy is now services/techology based, and adjust for it, the better off the country will be.
I'm not going to debate the whole economic angle but come on, gas prices are so much higher than they were just a few years ago. $3 a gallon is ridiculous. I agree that things are worse than they were in the 70s. There is are a couple of posts are life in the 70s on the History board. Everyone talks about the laid back, relaxed, family oriented way of life. I certainly remember that. Sure, my parents weren't well off and there did seem to be an economic problem but it wasn't a huge crisis. The quality of my life isn't anything remotely like it was back then (or in the 80s and 90s). Things are much worse.
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