Milton Friedman called me back on that day. Compile.
The last time inflation struck our nation, in the late 1970s and early 1980s, everyone struggled to understand it, as our new round of inflation reminds me. Mortgage rates briefly reached 20% in the early 1980s, a sign of much severe inflation at the time. This was a big concern for Jimmy Carter during his 1980 reelection campaign against Ronald Reagan. Also, at this time, economics journalism was only beginning to gain popularity as publications made an effort to explain the current state of affairs to their readers.
I was a 24-year-old journalism graduate student at American University in Washington, D.C., attempting to understand the
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