The 1970s Revisited?
A combination of surging consumer prices and public-sector labor strikes has understandably reawakened memories of the years preceding the recent era of persistently low inflation. It is now up to policymakers to manage the situation appropriately, even if it means telling voters what they do not want to hear.
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LONDON – There has been much talk lately of a return to 1970s economic conditions. Here in the United Kingdom, year-on-year inflation reached 9.1% in May, and disruptive labor strikes are dominating the headlines.