"It was the seventies. Stagflation."

Graph of the 1970s recession: Red Line is average GDP growth; Blue Line is percentage change in real GDP
Public DomainGraph of the 1970s recession: Red Line is average GDP growth; Blue Line is percentage change in real GDP - Credit: JayHenry
Between 1973 and 1975 the United States suffered a recession known as a stagflation – high levels of unemployment met with high levels of inflation. Causes included the costly Vietnam War, the 1973 oil crisis, the fall of the Bretton-Woods system and a high number of newly-industrialized countries competing with America. The effects on the country were estimated to have lasted for 20 years after the ‘official’ end of the recession in 1975.