“the standard of living of the average American has to decline.”¹ Did Volcker really say that in Oct 1979? No.

“the standard of living of the average American has to decline.”¹
Did Volcker really say that in Oct 1979? No. What Volcker was saying was that productivity and declined. Great exegesis by @_TimBarker More on unions would have been even better.
medium.com/@timbarker_209… https://t.co/nK30KMW92y

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