It may be more like the 1970s, inflation coupled with a stagnant economy, stagflation causing a lost decade, or two. The mid 1970s brought on wage and price controls and rampant inflation, that failed but that doesn't mean they wont try again. Fed chair Volker cranked interest rates to unprecedented levels trying to wrench inflation out of the economy. Gerald Ford did a fairly job of vetoing many spending bills but the economy really didn't come back until the Reagan administration.
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