The stagflation of the 1970s was similar to what we are seeing in the economy today.
When I was just out of college and starting my business in the 1970s, the 1980 presidential campaign was taking place.
The economy was stalled, not growing.
It was a time when inflation was at 18.2%, and interest rates were at 14%.
There had been wage and price controls. There had been horrific decisions on oil and gas.
The Federal Reserve was printing money, and the government was overspending and creating massive deficits.
The parallels of the stagflation during the 1970s and today are almost eerie.
Just as eerie was then California Governor Ronald Reagan’s economic speech during his presidential campaign run.
As with most of Reagan’s speeches, it was brilliant. It had lots of specifics. It showed a vast understanding of economics and the plight of the American people under the bad government economic policies of Jimmy Carter.
But the most impressive part of Reagan’s speech was it had solutions on how to restore the American Dream.
I’d like you to see the key portion of Reagan’s economic speech—it’s as relevant today as it was back in 1980.
One part that really hits home is when Reagan said:
“… In many places, where once there was the great, confident roar of American progress and growth and optimism, there is now the eerie, ghostly silence of economic stagnation, unemployment, inflation, and despair. If you are like most Americans, you and your family know the sound of that silence.”
If you’d like to see the entire speech, “Ronald Reagan’s Campaign Speech on the Economy,”
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