Posted on 06/10/2022 8:43:03 AM PDT by JV3MRC
Remember when The New York Times attempted to spin the 1970s stagflation crisis in order to protect former President Jimmy Carter’s political image before the 1980 elections? MRC Business does.
The newspaper published a 1979 propaganda piece erroneously headlined, “The 70's: America Learns To Expect a Little Less,” The piece tried to paint lipstick on the pig of an economic disaster that Carter oversaw. Carter’s policies resulted in stagnant growth and a ridiculous annual inflation rate of 11.3 percent in 1979. “[D]espite the prospects of a recession next year, the economic reality is perhaps better than the psychology. Inflation in terms of what people actually spend is not so bad as the Consumer Price Index suggests.” The author, who appears to be the late Times business and financial news editor John M. Lee, whitewashed the dangerous economic situation Americans were facing at the time: “The rate of price increase throughout the economy (the gross national product deflator) is less than at this time last year.”
But it got worse. The Times patronized readers by telling them not to believe what their lying eyes were seeing and to take a more positive perspective on rising energy prices and slower population growth:
"High energy prices are forcing more efficient use of supplies, and slower population growth means less demand for the resources of a slowing economy."
(Excerpt) Read more at newsbusters.org ...
I just can’t wait for Biden to tell us to wear sweaters and do without heat this winter.
And mandate a 55 MPH national speed limit. If we’re going full 70s we need that, polyester double-knit pants and platform shoes.
Good post—Carter, the Democrats and the mass media tried to blame the average American for the inflation and told them to stop being greedy and selfish.
Scum—same as they ever were...
When someone calls you greedy and selfish that means they plan on living high on the hog off the fruits of your labor.
Hell, they even covered up/refused to report on Hitler killing Jews.
Maybe we’ll get some good music out of the deal (NOT disco).
Welcome to the Era of Malaise: Part Deux!
Where’s the beef?
What's happening now is part of deliberate economic warfare.
It didn’t work too well back then ad I imagine this November will be a similar rear whipping.
The peasants are reminded of reality every time they fill up their cars or go grocery shopping.
45 mph for gas engines and 75 for electric to nudge us towards their slot car future. High speed rail will still be 35 mph except in California where it will remain 0 mph.
IGNORE YOUR SHRINKING BANK 🏦🏧 ACCOUNTS!!!
Will the Dems and Biden take a page out of the Clinton playbook and let Rs fix his mess then claim credit for it?
As bad as Newt might be, kevin McCarthy ain't no Gingrich.
As bad as Clinton was, Biden ain't no Bill Clinton, in fact I bet he can't even remember who Clinton is.
This is worse than the 1970s as government debt is much higher, so raising rates to where they should be will cause lots of pain.
It's no wonder so many Boomers, Gen-X, some Millenials, and a few Gen-Z are either going back to classic rock or recently discovering it. There is a reason they are called "Classic". Some may call them dinosaur rock...I know a rocking tune when I hear it.
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