Inflation was a big problem from the late 1960's into the early 1990's. The buildup for the Vietnam war overheated the US economy in the late 60's. In the early 1970's Nixon implemented a series of three or four "Phases" of price controls to try to slow inflation. The 1973 oil embargo rocketed oil from $2/barrel to close to $10. The price of alternatives like coal and natural gas also went up accordingly. As the prices of inputs went up, so did the price of most manufactured goods.
In the mid 1970's the US faced "Stag-flation": Stagnant growth, together with high Inflation. Around 1980 interest rates were between 15 and 20 percent. The US farm economy was still riding high on grain exports, until trade embargoes and boycotts in the 1980's brought that down too. Energy prices stabilized in the 1990's and so did US inflation.
Take a look at your kid's or grandkid's history books once in a while. There was a lot going on back then too, we were just too busy to pay attention.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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