In Reply to: Re: RIP Jimmy Carter posted by russsmith on December 29, 2024 at 15:42:18
The price of a barrel of oil doubled in the wake of the Iranian Revolution.This, obviously caused the price of gas to skyrocket, which caused the price of everything else to sky rocket.
Since a bigger chunk of people's income was going to buy the same things, they effectively had less disposable income, contributing to the recession.