Sunday, April 13, 2008

This is Grimly Familiar

The WP reports today on a new generation experiencing inflation for the first time in their lives and notes that Americans have been spared the experience for a couple of decades.
The last time prices rose markedly was in the 1970s and early 1980s, when double-digit inflation led to wrenching economic recessions. In 1980, inflation reached almost 14 percent, but it has been lower than 3.5 percent for a decade.

That inflation followed almost a decade of war and deficit spending as two presidents tried to mask the real cost of Vietnam. It all caught up with us in the 70's and early 80's.

CheneyBush will leave Americans with lasting memories and some very unpleasant realities.



Blogger The Minstrel Boy said...

yes, there will be unpleasant memories, and experiences, but will we understand the lessons? we didn't last time. it took only four years of needed but painful steps by carter before we were ready to go running straight into the arms of the engineers of the disaster.

it's a strange situation. one of my favorite old hollywood stories is about john ford taking john wayne and charlton heston to task over their jumps to the republican party. he was surprised and disappointed, but more than anything he was baffled that these men would dismantle the very engine of their prosperity.

good and surprising news, my filthy rich republican uncle is an obama supporter.

3:00 PM  
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7:10 PM  

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