However, the 1st & then the 2nd Arab Oil Embargo caused inflation to increase to 11%, & the dollar lost half of its buying power yet again by January of 1981. At the same time, average income increased by only 80%. The net effect was that Americans had 20% less wealth in 1981 as they did in 1972.
However, the 1st & then the 2nd Arab Oil Embargo caused inflation to increase to 11%, & the dollar lost half of its buying power yet again by January of 1981. At the same time, average income increased by only 80%. The net effect was that Americans had 20% less wealth in 1981 as they did in 1972.
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