[quote=SD Realtor]Well AN I remember those days really well. There was an extreme tightening of the money supply which was the way Volker dealt with the inflation issues in the mid to late 70’s. I cannot say what wages were because I was still in school although I worked in the labs at school and we were paid well for not doing crap. I do not believe people were getting the kind of 10-15% raises that you wrote about although some will claim that they did. I don’t buy it or if it happened it was the exception and not the rule.
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I agree with this, and was in the work force full time through most of the 70’s. There probably were some getting 10% or raises every year, but absent promotions, that was the exception rather than the rule. (Volker, btw, didn’t take office at the Fed until ’79, and he did jack up interest rates in order to quell the inflation that took hold in the years before him.) And it wasn’t across all industries.