U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-19-2018, 10:52 AM
 
Location: Aurora Denveralis
2,998 posts, read 1,017,500 times
Reputation: 3813

Advertisements

Quote:
Originally Posted by Larry Siegel View Post
On paper it was a nice recovery from the 1974-1975 debacle but it was mostly good for Smokestack America-type workers in the northeast and midwest who had suffered in the downturn. Youth unemployment, especially in California, was still sky-high due to the massive move of young people into the workforce throughout the 1970s.
This. I think the OP's contention is based on fairly narrow economic indicators and metrics, and maybe not reflective of the big picture. I remember 1977-1982 or so as a pretty dismal time to be a working stiff.
Reply With Quote Quick reply to this message

 
Old 01-19-2018, 02:26 PM
 
2,360 posts, read 1,027,668 times
Reputation: 2071
Being born in 80, so i miss this, but i remember my parents and grand-parents were saying the late 70s and early 80s were the best times. People were getting paid well, and COL was very low every where. My father army, so we moved around alot, but he was able to buy 2 houses on his E-3 salary at the time. He retired as E-6 Special forces.. but still able to buy houses at decent price and getting paid decent seem to thrive the economy at the time. So what changed other then inflation? Do you think we can ever go back to having this easy again?
Reply With Quote Quick reply to this message
 
Old 01-19-2018, 05:02 PM
 
Location: Kansas City, MISSOURI
5,508 posts, read 1,655,604 times
Reputation: 4730
Quote:
Originally Posted by Quietude View Post
This. I think the OP's contention is based on fairly narrow economic indicators and metrics, and maybe not reflective of the big picture. I remember 1977-1982 or so as a pretty dismal time to be a working stiff.
As I said in the outset, there is no doubt the whole 70's era gets a bad rap. There were 3 different recessions during the decade and inflation was very high. That's what people usually think of. But that doesn't mean you can't have some really blockbuster years between the recessions - which is exactly what happened here.
Reply With Quote Quick reply to this message
 
Old 01-19-2018, 08:44 PM
 
5,605 posts, read 4,159,335 times
Reputation: 12338
Quote:
Originally Posted by hitpausebutton2 View Post
Being born in 80, so i miss this, but i remember my parents and grand-parents were saying the late 70s and early 80s were the best times. People were getting paid well, and COL was very low every where. My father army, so we moved around alot, but he was able to buy 2 houses on his E-3 salary at the time. He retired as E-6 Special forces.. but still able to buy houses at decent price and getting paid decent seem to thrive the economy at the time. So what changed other then inflation? Do you think we can ever go back to having this easy again?
The early 80s weren’t good at all. Unemployment was 10.8% in 1982 and mortgage interest rates were a whopping 18.45%. There was nothing remotely good about that. In fact the recession in the early 80s was worse than what we experienced in 2008/9.

Guess it was just like it is today. Some (your family) we’re doing well while others had far different realities.
Reply With Quote Quick reply to this message
 
Old 01-20-2018, 01:09 AM
 
6,308 posts, read 4,767,382 times
Reputation: 8437
Quote:
Originally Posted by hitpausebutton2 View Post
Being born in 80, so i miss this, but i remember my parents and grand-parents were saying the late 70s and early 80s were the best times. People were getting paid well, and COL was very low every where. My father army, so we moved around alot, but he was able to buy 2 houses on his E-3 salary at the time. He retired as E-6 Special forces.. but still able to buy houses at decent price and getting paid decent seem to thrive the economy at the time. So what changed other then inflation? Do you think we can ever go back to having this easy again?
It was not easy for most people. Interest rates were astronomical (up to 15%), so you couldn't buy a house unless you had cash. Sure, a few people had it made, but in general it was a terrible period in our history. Reagan was elected because people were fed up with a decade of "stagflation" (prices doubled between 1970 and 1980 and there was not much economic growth). Youth unemployment remained stubbornly high, around 12%. https://tradingeconomics.com/united-...mployment-rate
Reply With Quote Quick reply to this message
 
Old 01-20-2018, 11:15 AM
 
Location: Aurora Denveralis
2,998 posts, read 1,017,500 times
Reputation: 3813
Quote:
Originally Posted by James Bond 007 View Post
As I said in the outset, there is no doubt the whole 70's era gets a bad rap. There were 3 different recessions during the decade and inflation was very high. That's what people usually think of. But that doesn't mean you can't have some really blockbuster years between the recessions - which is exactly what happened here.
I have become increasingly troubled by this kind of thinking because it only applies to that limited and fortunate segment of the economy that is invested - in literal and figurative senses - in the market and in industries that can respond to a quick upturn. Maybe the indexes show a burst of prosperity... but I was there, in middle class America, and I don't remember it being a very good time.

Which is why I have increasingly come to reject conventional economic dogma. It's not about individuals or families; it's not about consumers; it's barely about people at all. It's the language of business and wealth, describing things from a perspective of business and wealth inflation, and far too much of it (assumptions, theory and prediction) is based on narrow indicators of economic health that are essentially self-defined within the model and describe only the concerns of those at the top of the food chain.

I am far more concerned with how the individual/family/consumer is doing than how F500 is doing, and no, I don't subscribe to any form of trickle-down, and I don't think much of "a rising tide" and all that. In the end, we are all individuals in an economic system, and to me, that's vastly more significant than what DJIA did today. Or in 1977.
Reply With Quote Quick reply to this message
 
Old 01-21-2018, 11:42 AM
 
Location: Silicon Valley
2,751 posts, read 1,209,866 times
Reputation: 5052
Quote:
Originally Posted by James Bond 007 View Post
As I said in the outset, there is no doubt the whole 70's era gets a bad rap. There were 3 different recessions during the decade and inflation was very high. That's what people usually think of. But that doesn't mean you can't have some really blockbuster years between the recessions - which is exactly what happened here.
Personally, I would blame Disco...you really can't defend those late 70's after you realize what it spawned.

Reply With Quote Quick reply to this message
 
Old 01-21-2018, 12:33 PM
 
Location: Aurora Denveralis
2,998 posts, read 1,017,500 times
Reputation: 3813
Quote:
Originally Posted by artillery77 View Post
Personally, I would blame Disco...you really can't defend those late 70's after you realize what it spawned.

"The Seventies began with Nixon and ended with disco. That alone makes nostalgia for the era a mental illness."
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top