Stagflation (sep 1, 1973 – mar 1, 1982)

Description:

Stagnant Inflation (Nixons fault)
- increased fed spending
- International competition
- Org. of petrolium exporting countries (OPEC), US not prepared to find own oil, dependent on OPEC
- Deindustrialization
- Workers lack skills
- Inequality of wealth and income
*Nixon failed to slow inflation, higher interest rates, freeze on wages, prices rise 12%

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