The interview posted above is from SDPB’s daily public affairs show, In the Moment with Lori Walsh.
Written by Joe Santos
that seventies show
Comparing the current U.S. economy, with its high and seemingly persistent inflation, with the U.S. economy of the 1970s, the decade of the so-called Great Inflation, is now common practice. Fixating on the comparison is understandable. For reasons I’ve discussed in earlier blog posts, high and variable inflation is pernicious in any case. Moreover, the Great Inflation ended in the early eighties with a costly double-dip recession during which, by my estimate, about 17 percentage-point quarters of real GDP were lost relative to where the economy stood before the contraction. The comparable figures for the Great Recession, which began in 2008, and the most-recent (COVID-instigated) recession are about 23 and 17 percentage-point quarters, respectively….