Idaho Sees Highest Inflation in More Than a Generation
Of course, you’re paying more for goods and services than you did a year ago and it appears you paid more in November than you did in October. Inflation was raging nationally in October at 6.2 percent. Here in Idaho, it was a point higher! In November, the national figure jumped to 6.8 percent. I don’t yet have the latest state number.
Inflation is now the highest it has been since 1982. Ronald Reagan and Federal Reserve Chairman Paul Volcker tamed it by raising interest rates. It caused a deep but brief recession and unemployment reached double digits. It was good short-term economic medicine. No pain, no gain.
Interest rates have been artificially low for well over a decade. It has kept the economy relatively stable since the Great Recession.
We may be in for a rough ride ahead. Inflationary spirals often aren’t easily tamed.
Top Musical Acts of 1982 Were Legends
For a bit of trivia, the top-ranked TV show in 1982 was 60 Minutes! It’s still on-air. Other highly rated shows are long gone. M*A*S*H lives on in reruns. Dallas and Magnum, P.I. were popular, but today would only be known to people with AARP cards.
Olivia Newton-John, Survivor, and Joan Jett topped the Billboard chart. Willie Nelson’s Always on My Mind was the top country song.
There Were Political Legends in Idaho
John Evans was Idaho’s Governor. Steve Symms and James A. McClure served the state in the U.S. Senate. Larry Craig and George Hanson were serving in the U.S. House of Representatives.
Twin Falls had half the current population.
None of this makes paying for groceries any easier today than it did four decades ago.
Loose Lights or Tight Strands?