Existing comment:
"Americans... were trying to cope with the ruthless effects of double digit inflation, which was eating away at their savings, their paychecks and their way of life..."
-- Ronald Reagan
The Misery Index;
On top of the political turmoil of the decade, Americans suffered from a stagnant economy and high inflation at the same time. This "stagflation" made homes, food, energy and other goods steadily more expensive as jobs disappeared.
As one measure of the economy, an economist created the "Misery Index" -- the unemployment rate and inflation rate combined. During the 1970s, the index more than doubled to its highest point ever, almost 22 percent. Many Americans began to lose faith in the American dream.
[Note: The Misery Index reached its lowest level since 1955 during Clinton's time. ] |