The Real Legacy of the 1970s
Author: | Category: Food & Restaurants | Movies & TV | Politics International | Science & Technology | Date: 03-02-2019
by Michael Tomasky
February 2, 2019
In most histories of how Americans became so polarized, the Great Inflation of the 1970s is given short shrift — sometimes no shrift at all. This is wrong. Inflation was as pivotal a factor in our national crackup as Vietnam and Watergate. Inflation changed how Americans thought about their economic relationships to their fellow citizens — which is to say, inflation and its associated economic traumas changed who we were as a people. It also called into question the economic assumptions that had guided the country since World War II, opening the door for new assumptions that have governed us ever since.
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