Effects of Inflation

Cards (1)

  • Effects of Inflation
    • 1973-80- Inflation was near double figures for much of the decade
    • Inflation had made everything more expense inducing, mortgages, loans, food and energy
    • During July 1974 alone, prices rose by 3.7%
    • A 1978 Poll- 63% of Americans considered inflation their greatest concern
    • As the cost of living rose at a yearly average of 8.2% between 1973-1983- Inflation greatly affected family incomes
    • Hardest hits were those in areas of declining manufacturing output known as The Rust Belt.
    • Increasing numbers previously accustomed to well-paid manufacturing work found themselves unemployed