Do you see it coming again soon? Perhaps something related but different? I've been hearing that over 50% of the population today weren't adults then and don't understand the signs and risks and possibilities.
I married in 1974. I was 19 years old, driving a lumber truck, making around $10k/yr.
All of my life, I have had it in my head that if there is something you want or need, buy it now, because next year it will cost more. I am not sure that is good advice right now. Today’s economy isn’t really like that of the ‘70s. The causes are different and it seems that necessities, food, rent, etc. were a smaller percentage of most peoples’ budget back then. It seems that some things, such as a good steak, have almost tripled in the last year or two.
My perspective might be somewhat different than many because of my location and industry. Phoenix has always had a booming economy, especially in the construction industry. I am also somewhat of a miser. Financially, I prefer security to luxury. I have not taken out a loan for anything since the 1980s.
As mentioned in another thread, I bought a new refrigerator back in June. I still don't have it. I talked to the dealer yesterday and he told me "Maybe mid November". At least the cost is locked in.
In the '70s, we had a fuel shortage. That didn't last long. I have never in my whole life seen anything like what we are seeing now. Everything from appliances to bottled water and even ramen noodles is hit or miss. But, I learned my lesson. I have about 100 rolls of TP stashed away. Fool me once...
[This message has been edited by williegoat (edited 10-14-2021).]
While in high school, I remember Phase 1, 2, & 3 under President Nixon and President Ford which froze prices and wages for 90 days as part of the Economic Stabilization Act of 1970. The Arab oil embargo where gas prices went up which was tough for a teenager working a part time job and driving a gas guzzling Mach 1 Mustang.
Later in the decade, Jimmy Carter and the “Malaise” Speech.
If you want to see next 4 or more years w/ Biden et al only have to combined the problems that Ford and Carter made. This is Why Many Directly compared disastrous withdraw in Afghanistan to Ford abandoning S. Vietnam and Iran disaster under Carter.
That's a big reason why Clinton and Obama didn't do that because they had no plan w/o causing same results. US and many others are Still having problems w/ Iran. Many now Companies moving To Communist Vietnam to get cheap labor and F'd the people that remember including Vet's, "Boat People" and their kids and grand kids, etc.
OPEC oil embargo was bad but Ford and Carter made that worse too and still paying for their results. Carter came after but still used the oil embargo to push many "green" projects.
------------------ Dr. Ian Malcolm: Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should. (Jurassic Park)
The 2 eras are not comparable. Each caused by different root circumstances. The current inflationary period is not going to be as easy to address as the 70s unemployment/inflation/recession/stagflation period. I was like Willie but for different reasons. We were both relatively inflation proof in the 70s.
[This message has been edited by maryjane (edited 10-14-2021).]
The 2 eras are not comparable. Each caused by different root circumstances. The current inflationary period is not going to be as easy to address as the 70s unemployment/inflation/recession/stagflation period.
For sure, perhaps something related but different.
I'm not convinced hyperinflation is a certainty. There are too many artificial constraints on the economy at the moment creating shortages.
-People not working if they can live with their parents, trying to wait this insanity out -People living off money they saved last year expecting another recession -People not working because of vaccine mandates -Shipping channels being backlogged due to the same -Shipping costs at all-time highs due to shortages of shipping containers, see above -People putting off moving into new homes for the most part until this insanity ends, creating artificial scarcity in housing supply -Chip shortage, due to raw materials constraints, chip plants catching fire, labor shortages, etc. While chip companies have blamed automakers for using older chips (that are less profitable for them), Apple is also experiencing shortages using the latest-and-greatest chips.
If Biden were to announce tomorrow the crisis is over, and drop all mask and vaccine mandates, we would see most everything go back to mostly normal in a matter of months. But every government is absolutely LOVING exerting unprecedented levels of control and manipulation, and likely won't stop until forced to.
Originally posted by RWDPLZ: If Biden were to announce tomorrow the crisis is over, and drop all mask and vaccine mandates, we would see most everything go back to mostly normal in a matter of months. But every government is absolutely LOVING exerting unprecedented levels of control and manipulation, and likely won't stop until forced to.
Emphasis on "matter of months' due to the container backlog on both coasts. Working 24-7 is not going to have much impact either.
Too few trucks, too few drivers, too much demand on a system that really lacks a modernized rail shipping system, too many roads around the upper East Coast shipping ports where heavy trucks are not allowed.
This song is from the early '80s, but it has been on my mind a lot, lately.
That was recorded and released in May 1982. Reagan was in his 2nd year as US President, the Dems had a 243-192 majority in the House and the GOP had a 9 seat advantage in the Senate.
Merle was in the audience as a San Quentin prisoner when Johnny Cash sang folsom prison blues. Reagan (then Calif gov) later gave him a full pardon.
[This message has been edited by maryjane (edited 10-15-2021).]
That was recorded and released in May 1982. Reagan was in his 2nd year as US President, the Dems had a 243-192 majority in the House and the GOP had a 9 seat advantage in the Senate.
Merle was in the audience as a San Quentin prisoner when Johnny Cash sang folsom prison blues. Reagan (then Calif gov) later gave him a full pardon.
Merle Haggard of that era will always remind me of a little dive up on Cave Creek road and a bartender named Joni. One night she popped "Someday When Things Are Good" on the juke box then told me her husband was out of town...
No matter how ya juggle it, this house of credit-cards is coming down hard pretty soon, in a big stinkin pile.
I went and looked (all I am gonna do) at a new Ram the other day, $119,700 for a pick-me-up truck. Payments would run on finance about $1800. Insurance another $500 (the "old reliable" ford runs 100 bucks and has a "scap" blue-book value). That's before you gas it up 4 times a month at least. Another 500. Plus minor repairs, washes, washer fluid, whatever. Pretty close to 3k a month to be tooling around in a Ram.
Average house, 400k. about 2k/mo plus taxes ($300 or so), insurance, (100) gas/power (300 if you are lucky) maintance ( a couple hundred). Ya need another 3k/mo.
You haven't eaten yet. Me and Kim spend about $100-125 give-or-take a week for 2 of us. Call it $500 with the odd pizza delivered.
So, you got new wheels, a roof and a full belly. For $6,500/mo. DONT forget aggregate tax-rate is about 50%, so you need to be making 13k/month (81 bucks an hour).....and you still don't have any clothes, a phone, pet food, medical expenses or even Butt Tickets to take a crap. Never mind a vacation to get away from the **** -show. Make it an even $100/hr to cover all the extras and live a "normal middle-class life".
The average "job" is advertising 15-17/hr. Very few are topping 20 in the job listings.
Yeh, THIS circus juggling-act set-up is really going to last.
THEN for all those defaulting, not paying, or taking advantage of $900-its-not-shoplifiting-theroies, SOMEBODY has to cover the costs which means YOU are because prices just went up to make up for the losses. The store didn't -pay for that "free" $887 load of stuff, you did with your $20/lb steak and $1/pound potatoes.
The REASON people dont want to "work" and are freelancing or gigging instead ? That stuff gets a lot closer to that $100/hr than a "job" does, and will last until everybody has quit and gone gigging, is charging lawyer rates, and going bankrupt because nobody is paying lawyer rates for stuff they can do themselves.
[This message has been edited by MidEngineManiac (edited 10-15-2021).]
Merle Haggard of that era will always remind me of a little dive up on Cave Creek road and a bartender named Joni. One night she popped "Someday When Things Are Good" on the juke box then told me her husband was out of town...
I was too young to remember the 70's (born in 77) But I've heard lots of stories from my dad.
But it seems to me inflation is already happening. I work in a hardware store and pretty much everything has gone up quite a bit.. Anything metal has basically doubled in price.
I was too young to remember the 70's (born in 77) But I've heard lots of stories from my dad.
But it seems to me inflation is already happening. I work in a hardware store and pretty much everything has gone up quite a bit.. Anything metal has basically doubled in price.
Yep, food, fuel, lumber, cars, all of the necessities. I'll bet those who got a raise to $15/hr are now having a harder time than they were last year when they were making $10-12.
Yep, food, fuel, lumber, cars, all of the necessities. I'll bet those who got a raise to $15/hr are now having a harder time than they were last year when they were making $10-12.
In the past year or so around here...(Just a random sampling from this weeks trip to town)
10lb potatoes, 5 bucks now were 2. T.P. 40 rolls were 18, now $24 Canned dog food, was 1.79 for a big can, now 2.19 for a small. Coffee, was $8-9 for a 1kg can, now the same price but its a 550g (so basically doubled) Beer hasn't changed, still 2 bucks a can/ 48 a case Gas, don't get me started, there is a REASON I bought an electric joy-ride instead of a gas bike. Meat, all OVER the map except pricey as hell across the board. 10 bucks for a dozen chicken wings, 20 for a couple small steaks, 5 for a pack of hot-dogs. Cheese blocks, same price but like coffee packages are shrinking significantly. MOST produce this time of year is still cheap, but this is farm-belt and we buy off roadside farm stands.
Gasoline is $2.99 out here in the countryside, a little cheaper in town.
Beef is higher but it's the processors that are making the $$$. Live feeders and culls last weekend sold for : Cull cows avg 64.65, bulls 65.62, 5wt steers 153.89, and heifers at 139. (Those are prices per 100 lbs weight except for the heifers.)
Originally posted by Jonesy: I was too young to remember the 70's (born in 77) But I've heard lots of stories from my dad.
But it seems to me inflation is already happening.
I was born in '72. I remember back in the late 70s, when we watched the news on TV and heard words like "stagflation" and the "misery index". It was a scary time.
My first experience with inflation was during that time, as well. Every week, my dad would give me a quarter so I could get a candy bar from the corner store (they were 25 cents at the time). But one day, I went to the store and found the price had risen to 50 cents. So I had to wait another week for my candy bar. That really pissed me off. Looking back, it seems funny to get mad over that. But for an 8 year old kid, that was a catastrophe.
Lately, I've been thinking how much the prices on just about everything have increased... not just the last couple years but the last few decades. It seems the price of just about everything has tripled in 3 decades. Wages have not kept pace. It makes me wonder where all that money is going.
