Sheets of $1 bills on a light table at the Bureau of Engraving and Printing in Washington, D.C., November 14, 2014. (Gary Cameron/Reuters) What if the 1970s inflation ‘panic’ was really a response to greater sexual freedom? Makes you think, doesn’t it? Oh no, it doesn’t.
NRPLUS MEMBER ARTICLE T hey say that those who cannot remember the past are condemned to repeat it. The same is true of those who rewrite it — which, over at New York magazine, is precisely what America’s self-appointed historian of conservativism, Rick Perlstein, has done in submitting that the anger generated by double-digit inflation in the 1970s was not economic in nature but “cultural.”
At so, you have to ask: What were these people really talking about when they talked about inflation?
The conclusion I’ve drawn is that this was a form of moral panic. The 1970s was when the social transformations of the
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