Old Economy is Old

Meet “Old Economy Steve”:
old_economy_steven
According to the Atlantic.com, there are 700 “funny” versions of this on quickmeme. Most imply that life was easy back in the ’70s.

Was it?

But wait, how good did Steve really have it? Assuming he finished school some time in the late disco era, probably not so hot. Remember, the 1970s were the time of stagflation — that awful combo of high unemployment and spiraling inflation that left policy makers flummoxed. When the Federal Reserve finally jacked up interest rates to combat it, the bank induced several rocky years of recession. In 1982, the unemployment rate for 20-to-24-year-old men peaked at more than 18 percent. For teens it was in the twenties. Meanwhile, the late 70s also kicked off America’s first plunge into industrial decline. Little remembered fact, Chrysler actually needed a government bailout to survive in 1979.

I’ve talked about how selfish and immature the hippie baby boomers are. The 70’s and early 80’s were a time of recession, unemployment and the Cold War. The “misery index” was coined by adding unempolyment and inflation. Regan was elected and things turned around. Hippies became the yuppies who got greedy and went from the “age of Aquarius” to the “decade of greed”.

Their children were promised college and “free stuff”, just vote Democrat and you’ll get it. The Community Re-investment Act promised houses, Fannie Mae promised to bankroll college.

And now it’s crumbling. Subprime mortages tanked the housing market, grade inflation and worthless degrees are popping the higher education bubble.

Enrages Millennials only have themselves to blame.

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