Serving the High Plains
Serving the High Plains
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During the late 1970s, American families experienced stagflation — a combination of economic stagnation and significantly higher inflation. By the summer of 1980, unemployment hit 7.8 percent and the economy was actually shrinking. On the year, inflation spiked 12.3 percent. Some fear that today’s slowing economic growth (2.3 percent annualized last quarter) and the steepest price hikes in 40 years portend a return to stagflation. Real weekly earnings have plummeted more than 6 percent since the middle of last year, and the cost of living ecl...