NYT source at the time: https://archive.is/PnrT4 https://archive.is/PnrT4 > In Congressional testimony before the Joint Economic Committee, Mr. Volcker maintai

NYT source at the time: https://archive.is/PnrT4 https://archive.is/PnrT4 > In Congressional testimony before the Joint Economic Committee, Mr. Volcker maintained that, because of the drain of American wealth to the oil‐producing countries, Americans would have to accept less. If they try to keep up, he warned, the result would be a new burst of inflation. > “The standard of living of the average American has to decline,” he said. “I don't think you can escape that.” Same details covered by Jacobin: https://jacobin.com/2019/12/paul-adolph-volcker-obituary-federal-reserve-chair https://jacobin.com/2019/12/paul-adolph-volcker-obituary-fed... Also, Reagan firing 11,000 air traffic controllers absolutely happened.