That was before my time, as I was not in this country then.
But I remember the long line for gasoline some time in the late 70s, and having a big raise in 1980 to catch up with inflation, followed by a threat of lay-off when the economy stank after Volker raised the fed fund rate to 20%.
This time, it will be different. Has to be. I am already retired, and no longer the whippersnapper that I was. I can't take it no more.