Stagflation wrote:
ryan foreman wrote:I'm curious, do people actually believe the 1970s were so bad?
Its only come to my attention in recent years that many people really do believe that. Its absurd, nonsense.
I get it that the 1970s is a fun decade to tease and ridicule. But the fact is, the economy of the 1970s did fine by today's standards. Yes, inflation ran high. But wage inflation largely kept up with it unlike the decades that came after.
Culturally I would argue that the 1970s was better the 1960s or the 1980s. Bob Dylan and the Grateful Dead were at their best in the 1970s. Springsteen released his best albums. The Stones were doing their best live performances in 1978. Bowie was doing his thing. Punk Music was better than anything that came after. The best and most innovative movies in history came out in the 1970s.
1. Watergate destroys all faith in American institutions/government
2. Loss in Vietnam, Iranian hostage crisis and strengthening Soviets cause America's decline on world stage
3. Extremely expensive energy, stagflation causing domestic economic woes
4. War on Drugs, Prop 13; roots of the disastrous "conservative revolution" of 1980s
5. Disco
I agree, there are some positives from that decade people ignore. Income equality was at its high-point, great films and songs were released, politics were still largely civil, the media was reliable/objective, race-relations were fine, sex was plentiful (pre-aids), college was cheap, running was in its golden age.
But all in all, the 1970s was a decade-long hangover from the drunken excesses of Pax Americana. And, in my opinion, we would've recovered had we not tried to cure ourselves with the "cocaine" of 1980s tax cuts, deregulation, and democratization.