WAYBACK MACHINE: OPEC OIL EMBARGO & THE RECESSION OF 1973 Who remembers? I lost my job with the railroad because of it. Rail transportation dwindled to a crawl. Inflation, substantial gas price hikes, long lines to purchase gas, gas rationing, and unemployment around 11-12%--unHEARD of! And we all knew unemployment was that high, too. It was economic chaos under Carter! It was stunning how quickly the whole thing blew up out of nowhere. Japan made a killing as Americans ditched their gas-guzzlers. The American auto industry never recovered from that era, in my opinion. This is one reason I was suspicious of the current unemployment stats from the beginning. I remembered how bad it was in 73. The economy today is worse by several orders of magnitude, and yet FEDGOVCO still wants to claim unemployment is around 8%. They are full of SHIT.
Posted on: Sun, 16 Nov 2014 20:16:22 +0000