General Discussion

malthaussen

(18,281 posts)

12. Obviously more than one cause.

Thu Oct 24, 2013, 01:08 PM

Oct 2013

But the most significant, I have always maintained, is simple supply and demand. The early 70's saw a huge influx of young workers into the labor pool as the Baby Boomers started looking for jobs. Concurrently, women were entering the workplace in greater numbers than had been customary. When supply goes up, demand goes down. When demand goes down, so does the price. The 50's were fuelled by a labor shortage; since the 70's we've had 'way more people than we can usefully employ. We've been able to partially offset this by under-employing a large percentage of the workforce, because it is a given in our society that Everyone Must Work. But now we're even running out of the scut jobs, because it is cheaper to outsource them.

-- Mal

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So... What did happen in the 70's...? [View all] Whiskeytide Oct 2013 OP

I blame Nixon, OPEC and wage freezes. antiquie Oct 2013 #1

Bad economic times in late 70's. Doesn't anybody remember mortgage sinkingfeeling Oct 2013 #2

And gas lines leftynyc Oct 2013 #21

Ronald Reagan zipplewrath Oct 2013 #3

Yes. Reagan happened. Skidmore Oct 2013 #26

Reagan wasn't elected until 1980. Decline started before then. SharonAnn Oct 2013 #34

K.I.S.S. happened Capt. Obvious Oct 2013 #4

Religious right said their name was CANDO Oct 2013 #17

1) Nixon went to China. 2) SInflation. 3) The New Deal opponents win most of 70's, all 80's. haele Oct 2013 #5

Jimmy Hoffa mysteriously disappeared then Brother Buzz Oct 2013 #6

Yeah, I was thinking that this was around the time tosh Oct 2013 #7

Nixon, who brought corruption and greed to our government. Cleita Oct 2013 #8

It was the even/odd days for buying gas. Its was a cold shower for the US, a realization that CK_John Oct 2013 #9

US oil production peaked; we became dependent on imports; two oil crises happened. FarCenter Oct 2013 #10

Cheney got a job in government, and it all went to shit exponentially since then elehhhhna Oct 2013 #11

Obviously more than one cause. malthaussen Oct 2013 #12

In a single word...Stagflation... Xolodno Oct 2013 #13

The music was so great we got distracted? polichick Oct 2013 #14

Deregulation CANDO Oct 2013 #15

Absolutly, and the whole trend started when Bert Lance pushed through legcramp Oct 2013 #35

Disco... clearly disco. nt Bigmack Oct 2013 #16

And everything was so...colorful. randome Oct 2013 #20

Bretton Woods died. ( n/t ) Make7 Oct 2013 #18

Meaning the US gold standard Paulie Oct 2013 #23

I think one thing was the large right-wing/corporate reaction deutsey Oct 2013 #19

Yes - they really scrambled to put together their think tanks then... polichick Oct 2013 #22

"White Flight" and the creation of the so-called "Rust Belt" BumRushDaShow Oct 2013 #24

The 70s were a blast. DevonRex Oct 2013 #25

+1 Little Star Oct 2013 #27

That is an amazing graph. And I think you are right in your guess that it's the Squinch Oct 2013 #28

GHWBush/Jackson Stephens made deals with Chinese industrialists to move US manufacturing blm Oct 2013 #29

This: We don't MAKE shit, we BUY shit!!! - on CREDIT!! Myrina Oct 2013 #30

A drop that could be a momentary adjustment never recovers. It became permanent during the REAGAN Hissyspit Oct 2013 #31

I was doing fairly well in the mid-'70s, as I was working full time RebelOne Oct 2013 #32

"Gino's gives you freedom of choice" starroute Oct 2013 #33

Raygun warrprayer Oct 2013 #36

I wish I could remember Ishoutandscream2 Oct 2013 #37

The US stopped being able to supply domestic oil demand with domestic supply after 1970. Spider Jerusalem Oct 2013 #38

Nixon got let go. Octafish Oct 2013 #39