Inflation
Storyboard Text
- With inflation rising, people's minds are changed about inflation. They are spending more now because the prices will increase later on. They are no longer saving, they ask for more wages, businesses charge more, and it becomes a vicious cycle.
- Both the previous head of the Federal Reserve and the current head, Volcker and Powell respectively, come together to try and decrease the economy. They raise interest rates, Volcker (20%) by much more than Powell (3%), to curb inflation.
- The people are mad because they were forced into a recession, Volcker's was much worse and people were unemployed (10%) but as they say, things have to get worse before it gets better. However is the cure worse than the disease?
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