True. Oil went up in ‘73, if I remember correctly. Everything else went up after that. During the later 1970s and 1980s, much of our manufacturing was shut down on our soil and resumed in other countries. Hordes from third world countries were sucked into the US to enlarge the labor pool. Anti-family policies were implemented. Policies on narcotics have been gradually relaxed.
And we see the results (the societal and infrastructure rot, the crowding with vastly different cultures and resulting balkanization,...) all around us. Various kinds of tensions are ratcheted up against people trying to get established with moderate standards of living.
Increasing homelessness is one of the results of the policies. In the late 1970s, men at work uttered predictions of a third world future for the USA, and we’re seeing more of a transition to a hardened oligarchy now.
You are right about increasing homelessness. I spent some time in Las Vegas a several years ago on a coast-to-coast driving trip, and I was surprised at the huge increase in the homeless population in Vegas. I hadn’t been there since 2004, and there was a huge increase in the homeless population living on the streets there since 2004. They hang out near bus stops, convenience stores, and grocery stores. I was further surprised by the young age of these people. 25 years ago, 90% of homeless people appeared to be men between 35 and 65 years old, some with mental illnesses. But on this recent trip I saw a lot of homeless young people in their 20s living on the streets—even young women. It was a sad sight. The Obama regime and the Great Recession really nailed our economy and hiring by the private sector.
I heard that Las Vegas passed a new law that prohibits living on the streets, so they must have shelters for homeless people now. There was a resurgence of business confidence, hiring, and employment during the Trump presidency, and probably also some drop in homelessness from a peak during the Obama regime. There’s still a long way to go on employment and job training, but we’re moving in the right direction, if the Bidenites don’t screw it up.
IIRC, '74-'75 was a horrendous bear market. The so called "Nifty Fifty" (leading US companies, buy them once and never look back) got crushed.