The big difference (at least for now) between today and the 70s is the state of labor. The 70s had a highly unionized labor force that would negotiate higher wages for its employess because of inflation concerns. What that did was give the workers money to spend on the higher priced goods which would spur demand and create a vicious cycle when the new inflation would cause unions to renegotiate higher wages.
This time around the work force is not as unionized (thank God) and therefore the consumer lacks the resources to purchase goods. This inturn has an impact on demand and eventually leads to modetaration of inflation.
With Obama and the socialist in control, it’s just a matter of time before they will legislate wages and mess things up even more….
