2 ms·
> the side effects of the resulting inflation are deemed worse Deemed worse by whom? People complain about inflation in the 1970s, but just like now a signifi
by lapcat 4y ago
> the side effects of the resulting inflation are deemed worse
Deemed worse by whom?
People complain about inflation in the 1970s, but just like now a significant part of that was caused the supply chain (OPEC then, Covid now), and in any case US income and wealth inequality are actually much worse now than in the 1970s.
- refurb 4y agoWorse for the average worker who saw their 10% pay raise disappear with 13% inflation. The 70’s were an absolute dump in terms of the economy. 8% unemployment in ‘75. Nobody wants to go back to that.