Word: 1970s
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Dates: during 2000-2009
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...boxes of cereal, they know that cereal is on sale. I'm what behavioral psychologists call "deal prone." And yet I noticed this wasn't really saving me any money - in fact, it was costing me money. I went and looked at the data and found that since the 1970s, we are spending less for clothes, food and appliances and substantially less for owning and maintaining a car. But at the same time, our spending has increased, controlling for inflation, by over $4,500. And a good deal of that has to do with price...
Defining the parameters of this new normal is not something that can be done with pinpoint precision. I started paying attention to the news (and subscribing to Time) during another period of economic turmoil, the late 1970s, and soon became convinced that I would never know a world in which gas was affordable, inflation wasn't in double digits and jobs were anything but scarce. Then the 1980s and '90s happened. So there is a danger in extrapolating present conditions to the future--and the U.S. economy has a wonderful penchant for surprising us all to the upside. But here...
Saying energy prices would stay high was one of the great forecasting errors of the late 1970s and early '80s--so it's a little scary to predict that they will stay high this time around. But the fact that even the slightest hint of a turnaround in the global economy has sent oil prices skyrocketing from $35 a barrel to more than $70 ought to be a sign that the upward price cycle that started a decade ago isn't played out yet. The crucial element may be that the struggling U.S. no longer drives the global demand cycle...
...1970s ever need Farrah Fawcett. Watergate and the Nixon resignation, soaring crime rates and gas prices - bad news everywhere - had the nation in need of a tonic, or a diversion, which is almost as therapeutic. Who could have guessed it would come in the trim form of a Texas blonde with a no-quit smile? That would be Farrah Fawcett, or Farrah Fawcett-Majors, as she called herself in her prime. (Not that there was ever a Farrah Fawcett Minor.) (See the 1976 TIME cover Charlie's Angels...
...Mohammed Khatami, among others - and the generation that fought the Iran-Iraq war, led by Mahmoud Ahmadinejad and his cohort among the battle-hardened leadership of the Revolutionary Guards Corps. The war led to a significant militarization of Iranian society, and the Supreme Leader, a member of the 1970s generation, has drifted away from his contemporaries toward the military. Among the rumors and major questions emerging from the election was whether the rigging was a quiet coup, staged by the Ahmadinejad generation against its revolutionary elders. "It is an open question whether the Supreme Leader is really in charge...