HGov: Power of Money


1980s-inflation
The Power of Money: The 1970s saw inflation skyrocket as producer and consumer prices rose, oil prices soared, and the federal deficit more than doubled. By August 1979, when Paul Volcker was sworn in as Fed chairman, drastic action was needed to break inflation’s stranglehold on the U.S. economy. Volcker’s leadership as Fed chairman during the 1980s, though painful in the short term, was successful overall in bringing double-digit inflation under control.

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