4 ms·

Yeah Volcker destroyed manufacturing and busted the unions. Reagan Admin started the Iran Iraq war which drove down the price of oil. Inflation problem solved.

• AnimalMuppet 6y ago
  Volcker didn't bust the unions. You could argue that Reagan did, but not Volcker. Second, Reagan didn't start the Iran-Iraq war - Iraq did. Third, the Iran-Iraq war drove the price of oil up, not down.
  • Gibbon1 6y ago
    > Iran-Iraq war drove the price of oil up, not down. Nope
    • deleted 6y ago
      [deleted]
    • AnimalMuppet 6y ago
      Well... the price declined during the war, but that wasn't because of the war. The effect of the war itself was to reduce the production of oil, specifically production from Iran and Iraq. But that didn't drive the price up, because other producers stepped in, and also because consumption reacted to a price of $100+ (in 1980 dollars).