Awful Reality of the 70's

In case you missed it, local economist Brian Wesbury with an excellent piece in the WSJ on our unsung economy. Key graf:

One would think that the unbelievably dramatic turnaround in the economy from the malaise of the 1970s to the boom of the past 24 years would prevent the return of big government. But it appears that a growing number of American politicians, journalists and their constituents have forgotten the awful reality of the 1970s economy. Part of the problem is that people younger than 45 don't have even the slightest idea of how bad it was, or what caused it. They also have no idea that when Margaret Thatcher and Ronald Reagan turned away from socialism in the late 1970s and early 1980s, continental Europe (Germany, France and Italy) kept going. Then while the U.S and U.K. boomed, continental Europe fell behind.

I remember 1975 as a junior in college. There were very few jobs for the previous class. It was very glum. The Misery Index was climbing. When I graduated in 1976 I got one offer and I took it. This year my 30th reunion had a back to the 70's theme.

I didn't go.