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View Diary: Social Scientists Are Better Than Journalists at Journalism (54 comments)

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  •  No - but stagflation sucked (9+ / 0-)

    No, we haven't.  But the stagflation (high inflation and high unemployment) we had in the 1970s sucked.  Austerity wasn't needed for that, though. Instead, the Federal Reserve got rid of inflation by raising interest rates.  Unemployment increased in the early 1980s, but fell quickly when the Fed reduced interest rates, leading to Reagan's landslide in 1984.

    Lots of other countries have had hyperinflation in our lifetimes, though.  For example, Zimbabwe had hyperinflation in 2008 and abandoned its currency.

    Yes, Virginia, there is an alternative to the death penalty!

    by econlibVA on Wed Nov 07, 2012 at 03:21:44 PM PST

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    •  I remember the 1970s problems. (6+ / 0-)

      I remember that we had price and wage freezes. I could only raise my employees salaries by a very low percentage in total. So, if I gave someone a good raise by previous standards, I did not have enough money to give raises to others. This led to high turnover and hurt us. We lost people who left for more money and so I had to hire people from other companies by giving them big jumps to come over. I suppose that is a form of inflation.

      Might and Right are always fighting, in our youth it seems exciting. Right is always nearly winning, Might can hardly keep from grinning. -- Clarence Day

      by hestal on Wed Nov 07, 2012 at 03:33:55 PM PST

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