Heavy Lifting - thoughts and web finds by an economist
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Friday, January 30, 2009
I am not yet 40 years old and as a professional economist I have only experienced one (mild) recession. I do not remember gas lines, 17% mortgage rates, and 15% inflation rates. I further do not blame those others who don't remember what it was like during the previous deep recessions.
However, I do hold people accountable for failing to learn at least a little bit about the past. First, the "Bush years" were not as bad as the Great Depression, not even close, and second, we have experienced devastating inflation (not hyperinflation) in this country but that it was tamed in the 1980s.
This Reason Magazine article provides a good background for why inflation is such a bad thing and how it was tamed in the 1980s.
I think this is important because inflation is likely just around the corner, perhaps in as little as two years.
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