I understood what it meant when you tried to buy a house at 20% prime rates, or tried to buy a car when the bank was so worried about inflation they wouldn’t loan money unless you paid for the car with cash first. I understood what it meant when inflation was pegged at 12% annual.
That's exactly the point of this article. Things may not get that bad, but they are probably going to get pretty close -- and for the same reasons, too.
Jimmy Carter may have been a terrible president, but he gets a bad rap on the economy. The conditions you describe were pretty much inevitable because that a massive inflation of the U.S. dollar was the only way the U.S. government was able to pay for the abject idiocy of the Johnson and Nixon administrations -- i.e., when those two (particularly Johnson) deluded themselves into thinking the country could engage in a major military campaign in Vietnam while at the same time implementing huge domestic spending programs here at home.
Don't say you weren't warned!
I’ll say, destroying the economy leaves you with a ‘bad rap’. Who knew.