But it might not be as bad as we think—or as bad as it’s been before. I’m not talking about the Great Depression worst case scenario here. I’m talking about 1974, when a stock market crash, rising oil prices and massive government spending from the Vietnam War created “Stagflation” (Inflation+Stagnant or slowed economic growth).
Check out how many more hours you’d be working to buy your family a TV, a vacuum cleaner or a tire for your car in the mid-1970s:
Of course, there’s the question of whether we really need all this stuff in the first place. And the fact that technological advances have made these items cheaper and easier to fabricate than they were in the 1970s. And whether those goods are less expensive because they use outsourced labor which costs Americans jobs. And the ethically questionable practices and materials used. But hey, who cares when there’s Snooki to take you away from all that, and you can afford a TV for your bathroom?
Save wisely with Babble’s 10 Money Saving Tips for Family Budgets!