4.01 For more than two decades after World War II, inflation had been virtually non-existent in the US. The late 1960s ushered in the highest inflation in generations due to President Lyndon Johnson’s decision to finance the war in Vietnam and new domestic programmes through massive deficit spending. Joseph Nocera reported: In 1967, the cost of living, as measured by the Consumer Price Index, rose 3 percent. The following year the CPI rose another 4.7 percent. And on it went: 6.2 percent in 1969; 5.6 percent in 1970...In 1974, as a result of the Arab oil embargo,...
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