Word: spiralled
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Dates: during 1980-1989
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...looks to be a somewhat milder affair than the 2.4% overall slump that had been predicted as recently as last December. Recession is certainly painful for anyone thrown out of work, but without at least a temporary economic downturn there is no real hope of slowing the price spiral...
With living costs locked in double digits for twelve consecutive months and no end to the spiral in sight, people are losing faith that inflation will ever come down. They are spending their paychecks as fast as they get them, cutting the nation's already low savings rate still further, pushing up credit, bloating the money supply, and generally intensifying the inflationary menace that they fear the most...