Memes of Misinformation: Federal Spending: Unraveling the Controversial, Socio-Economic and Political Issues Behind Those Annoying Social Media Memes by Julio C. Castañeda Jr

Author:Julio C. Castañeda Jr. [Castañeda, Julio C. Jr.]
Language: eng
Format: epub
Tags: Media & Internet, Political Science, Political Process
ISBN: 9781622732517
Google: PxlDAQAACAAJ
Goodreads: 34593482
Publisher: Vernon Press
Published: 2017-01-15T11:10:34+00:00

Figure 51: Short-Term, Inflation & Unemployment Rates in Percent (1950-2015)

Source: Data from the BLS, Unemployment Rates and CPI Inflation, 1948-2015. Federal Reserve Bank, Table H-15 – Federal Funds Effective Rate.

Well, both inflation and unemployment started to rise after the election and soon we had both in spades, which provided two-thirds of the stagflation recipe. The third and final ingredient came from a sluggish economy due to the 1973 Oil Crisis from the Arab Organization of the Petroleum Exporting Countries’ embargo to nations that supplied arms to Israel during the 6-Day War. By 1975, inflation and unemployment had grown to nearly double-digits on their way to even higher levels.

In retrospect, we can see how a multitude of unrelated events aligned like the planets to cause a miserable decade of economic calamity:

an ongoing Vietnam War

Tricky Dicky’s selfish reasons for an expansionary monetary policy

a falling dollar from abandoning the Gold Standard

an OPEC oil embargo in 1973

the Watergate scandal

rising inflation and unemployment rates

another oil crunch in 1979

and finally, the Iran Hostage crisis

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