Reply #22: What a CROCK! [View All]

[BillZBubb]

Talk about revisionism. Things are much worse today than the 1970's. Check out real GDP growth in the seventies compared to the Bush* years. Check out real personal income, which is the key item. Check out personal debt levels. Check out bankruptcies.

Your claim that unemployment, inflation, and interest rates were worse is also a stretch. Of course inflation and interest rates were higher in the 1970's, the country was in an inflationary cycle. So what? Real growth was substanial over the decade and personal income did well. As for unemployment, that's totally misleading since the 1970's didn't have a lot of 'under-employment' and not nearly the level of discouraged workers (dropped from the unemployment rate) as we have now.

And exactly what '80s boom? There was no boom. Real growth in the 1980's was less than the 1970's.

And even worse, thirty years after the 1970's the baby boom demographic is getting ready to retire. The country has all those unfunded liabilities that are about to come due. We are in a much worse fiscal position than anytime in the 1970's.