For those who had to deal with the 1970s inflation... (Page 1/4)
2.5 OCT 14, 10:11 AM
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.
olejoedad OCT 14, 10:33 AM
I remember.
Don't want a repeat.

Let's go Brandon!
2.5 OCT 14, 11:02 AM
Curious what kind of preparing would those of you with experience advise for your fellow PFFers.
2.5 OCT 14, 11:30 AM
Speculation and info, not so much about this guy who invests, but just data.

[This message has been edited by 2.5 (edited 10-14-2021).]

williegoat OCT 14, 01:21 PM
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).]

GTGeff OCT 14, 01:44 PM

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.
theogre OCT 14, 02:48 PM
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 Ogre's Fiero Cave

maryjane OCT 14, 03:15 PM
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).]

williegoat OCT 14, 03:57 PM
This song is from the early '80s, but it has been on my mind a lot, lately.
2.5 OCT 14, 05:26 PM

quote
Originally posted by maryjane:

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.

Plus in the 70s we still made stuff here.