They had to invent a new word to describe how truly bad that was: stagflation, which meant that wages and jobs were stagnant, but inflation was through the roof. At the same, interest rates were rising to 20% or more. It also coincided with the collapse of some of the heavy industry, such as steel. It affected everyone.
That’s a good point, to. I am a creature of my own experiences. I was in the military in the late 70s, so a fixed income. Jimmy Carter and the democrats controlling Congress wouldn’t give us a raise so we fell behind quite a bit in those years.
When Reagan came in, we got an 11.7% raise in 1981 and a 14.1% raise in 1982. And he beat stagflation.