Word: mid-1970s
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...speech, delivered to a crowd in Tercentenary Theatre thinned by the day’s rain, focused on the similarities and differences between the U.S. economy in the mid-1970s and today, specifically with regard to energy and productivity...
...Because the members of today's graduating class--and some of your professors--were not yet born in 1975, let me begin by briefly surveying the economic landscape in the mid-1970s. The economy had just gone through a severe recession, during which output, income, and employment fell sharply and the unemployment rate rose to 9 percent. Meanwhile, consumer price inflation, which had been around 3 percent to 4 percent earlier in the decade, soared to more than 10 percent during my senior year.1
...difference between then and now is what has happened to inflation and inflation expectations. The overall inflation rate has averaged about 3-1/2 percent over the past four quarters, significantly higher than we would like but much less than the double-digit rates that inflation reached in the mid-1970s and then again in 1980. Moreover, the increase in inflation has been milder this time--on the order of 1 percentage point over the past year as compared with the 6 percentage point jump that followed the 1973 oil price shock.4 From the perspective of monetary policy, just...
...seems so long ago. But if you think very hard, you might remember multi-hour gas lines, odd and even days, and perhaps a siphon burn or two. Those were just a few of the facts of life of the mid-1970s oil crust that gave a real fright to Americans, forcing them to insulate their homes, sell their Cadillacs, and pay attention to a faraway group of Arab nations...
...years old; even though the idea of sampling Daft Punk should not have survived “Touch It”; even though the execrable Mark Ronson talks all over the only mp3 of it I can find; I still enjoy this song. Kanye’s on some mid-1970s David Bowie shit–he doesn’t even try, but the singles are still solid. He’s running on pure narcissism at this point, but he’s still the best in the world at his job. Grade: B M.I.A...