Loading ...I heard him myself say that. He’s just as dumb as the Paul Volker before him, who in 1980 had rates to 21% to stop the “inflationary psychology” after they took the dollar off gold in 1971.
The higher prices had NOTHING to do with rates that were too low at 6%, that had to be raised to 21%? Like using a base ball bat to fix your head ache.
Just simple lazy minded people, not mechanically inclined enough at all to make proper decisions.
Entry level wages were very high until 1975. Kids were leaving high school, avoiding college, and going right into the workforce. Plenty of over time. Buying new muscle cars at $3500. If you had no kids they bought Corvettes and Cobras under $5000 new.
New houses $17,990. Nobody needed medical insurance. The medical bills were affordable.
NOT ALLOWING TAX PAYER WAGES (after 1975) TO KEEP UP WITH HIGHER PRICES was TPTB’s downfall of today.