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.