Baby boomers remember what our Vietnam War-era economy was like.
The 1960s space race with the Soviets encouraged us to pursue math and science advanced education, using student loans. Those jobs all but disappeared after our manned lunar landing. We still had our loans and were in a job competition with a new birth-controlled female work force.
Due to our support for Israel in its 1967 and 1973 conflicts against the Arabs, oil cartels all but ran our Navy out of gas in the gulf of Tonkin.
Energy costs doubled.
We went off the gold standard to spur economic growth, and our dollar certificates became reserve notes.
Inflation (higher wages and prices) skyrocketed with the switch from a wartime to a peacetime economy.
Reaganomic spending of money we didn’t have to end the “evil” Soviets in Afghanistan, Central America and Poland only increased the national deficit, with new taxes on Social Security and unemployment. We helped the West Germans pay over $100,000 per East German, to bring the Berlin Wall down.
Sudden fuel price hikes preceded the last recession, and war withdrawal preceded staggering inflation.
Double dip, with inflation, anyone?