Inflation
Storyboard Text
- By the 1970s inflation was spiraling and there were psychological changes amongst the people. Americans stopped saving their money because they were worried the cost would go up, which made the cost increase more.
- I am establishing the Great Society to fund for the impoverished. I will also need your money to fund the Vietnam war.
- 1960s to 1970s
- We want higher wages!
- In the mid to late 1960s government spendings had increased due to the Great Society policies Lyndon B. Johnson had put into place. Government spending had also increased due to the Vietnam War. Inflation was on the rise 
- I will stop saving and buy more now before the cost rises!
- some time later...1979
- In 1979 Paul Volcker, chairman of the Federal Reserve, tells Jimmy Carter he will push interest rates higher. This makes inflation worse, which eventually will kill the economy and bring inflation rates down. 
- Volcker: I will push interest rates higher in an effort to bring down the rates of inflation.
- J. Powell is increasing interest rates little by little, steadily, in order to get inflation under control. He does not want to go as fast as Volcker did and compromise the state of the country now. 
- Now...2022
- I will increase interest rates like Volcker, but not as much to make sure we do not collapse again.
- Inflation has been rising in 2022, however J. Powell is making sure it does not get worse.
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