Is lying in your DNA?<quoted text> Not even close....but, stay in school....
It would be hard to overstate what a disaster the economy looked like at this point in 1980. In many ways, it seemed to be melting down as badly as the economy was in September and October 2008 when the magnitude of the financial crisis was becoming clear. Let me give you a sense of what I mean.
At this point in 1980, however, it didnít really matter what numbers you looked at ó almost everything pointed toward a disaster.
Based on the data as reported in the six months leading up to May 29, 1980, inflation was increasing at a frantic annualized rate of almost 16 percent. At the same time, industrial production, consumption and personal income were declining at annualized rates of about 5 percent, adjusting for inflation.
The jobs data was less bad than the other variables in 1980, but still not good. As the figures were reported at the time, jobs had increased slightly in the six months leading up to May 1980, but not enough to keep up with population growth.
The forward-looking data was bad as well. The stock market declined in the six months leading up to May 1980 (even without adjusting for inflation), and the consensus of economic forecasters at the time was that conditions would remain recessionary for the six months ahead.