The Seventies Some Tidbits
The decade of the Seventies shows more than any other what happens when inflation goes out of control with prices, wages, interest rates and unemployment and most of the problems could be traced back to one thing that was a major factor OIL Crisis related to the war in the Middle East . At the worst time in mid 70's 1974 Inflation in the US was 11.3% and in the UK 1974 inflation was 24.3% And Interest rates ranged as high as 14.2%.Most things goods and services doubled in price in just one decade
In 1970 a new house cost $23,400.00 and by 1979 was $58,500.00
In 1970 the average income per year was $9,350.00 and by 1979 was $17,550.00
In 1970 a gallon of gas was 36 cents and by 1979 was 86 cents
But the 70's gave us much more than just raging inflation and high interest rates
The US pulled out of Vietnam
The Watergate Scandal
A new genre of music appeared called Progressive rock featuring the likes of Genesis, Yes, Emerson, Lake & Palmer and Pink Floyd. Led Zeppelin, Aerosmith, AC/DC, Queen, Black Sabbath
The 70's also started using the tools invented in the 60's needed for the digital revolution including the transistor, and Integrated Circuits making things cheaper and more powerful ranging from Calculators to Televisions and the birth of the Home Computer and video games
One other important change which was also caused by the Oil Crisis was the quick uptake of cars from Japan which had smaller engines providing better gas mileage both in Europe and the US
With the 70's came a new generation of passenger aircraft capable of carrying many more passengers ( 747 ) making air travel cheaper and allowing the ordinary family to explore much further afield for holidays.
We can not discuss the 70's without including the liberation of women and the sexual revolution that allowed a more open discussion of anything to do with SEX
With the change in music came a new revolution in fashions carrying on from the more liberal ideas of the 60's of what was acceptable clothing
