Enough with the 1970s comparisons
The media are abuzz these days about a purported “return to the 1970s.” Generally speaking, such chatter is not intended kindly, for many today would likely agree with the sardonic assessment of the Seventies made by the editors of New West magazine as that decade wound down: “It was the worst of times, it was the worst of times.” And not just because of the popularity of bell-bottom pants, platform shoes, and disco music. In the Seventies, we had problems far more troubling — more troubling even than the pop group ABBA. For starters, we saw a quadrupling of real oil prices between 1973 and 1979. We suffered high rates of both inflation and unemployment, which hitherto varied inversely, leading to the creation of the portmanteau “stagflation.