{"id":3577,"date":"2014-12-26T17:05:57","date_gmt":"2014-12-26T22:05:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3577"},"modified":"2014-12-26T17:05:57","modified_gmt":"2014-12-26T22:05:57","slug":"oftwominds-charles-hugh-smith-we-just-enjoyed-the-last-christmas-in-america","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3577","title":{"rendered":"oftwominds-Charles Hugh Smith: We Just Enjoyed the Last Christmas in America"},"content":{"rendered":"

oftwominds-Charles Hugh Smith: We Just Enjoyed the Last Christmas in America<\/a>.<\/p>\n

The end of rising wages = the end of mass affluence: we just enjoyed the Last Christmas in America (TLCIA).<\/i><\/span><\/p>\n


<\/span><\/b>As unemployment topped 10%, the January 1975 cover of\u00a0Ramparts<\/i>\u00a0magazine blared:\u00a0The End of Affluence: The Last Christmas in America.<\/i>\u00a0(TLCIA)<\/span><\/b><\/div>\n
<\/div>\n
The government responded to the high unemployment, rampant inflation and rising budget deficits by manipulating data to mask the politically inconvenient realities of inflation, unemployment and deficits by playing with Social Security Trust Funds, inflation data, etc.–games it continues to play to cloak reality from the media-numbed public.<\/span>

<\/span><\/div>\n
The economic stagnation, despite various stock market rallies and false starts, essentially lasted 10 years, from 1973 to 1982.<\/span><\/div>\n
<\/div>\n

<\/span>The malaise had a happy ending:<\/b>\u00a0huge new oil fields were discovered in Alaska, the North Sea, West Africa and elsewhere, ushering in a renewed era of cheap, abundant petroleum. President Reagan re-set Social Security for a generation and introduced a\u00a0lower taxes, higher permanent deficits<\/i>\u00a0ideology that is now accepted as the only possible way to sustain the Status Quo: deficits don’t matter, even when they reach the trillions, because our good friends the Gulf Oil Exporters and Asian exporters will buy all our debt forever and ever, keeping interest low forever and ever.<\/span><\/p>\n

<\/p>\n

<\/a><\/a>…click on the above link to read the rest of the article…<\/span><\/span><\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

oftwominds-Charles Hugh Smith: We Just Enjoyed the Last Christmas in America. The end of rising wages = the end of mass affluence: we just enjoyed the Last Christmas in America (TLCIA). As unemployment topped 10%, the January 1975 cover of\u00a0Ramparts\u00a0magazine blared:\u00a0The End of Affluence: The Last Christmas in America.\u00a0(TLCIA) The government responded to the high […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2165,379,588,1138,1808],"class_list":["post-3577","post","type-post","status-publish","format-standard","hentry","category-economics","tag-economic-stagnation","tag-government","tag-oil","tag-stock-market","tag-wages"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3577"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3577\/revisions"}],"predecessor-version":[{"id":3578,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3577\/revisions\/3578"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}