Totally. I think the 1970s were also pretty bad in this area (though I didn't live through that). It CAN happen, and in fact I think it's more than unlikely to happen... I just HOPE it doesn't .
Yes, the 70s treasury rate lagged poorly behind inflation rate for much of the decade. The 80s caught the flip side with rates considerably above the inflation rate most of decade. I am aware of inflation, but I long ago quit the battle on fighting the 70s inflation war. My WIN pin (Whip Inflation Now for those who don't remember the slogan) has been permanently put away. Ive been largely in fixed perpetual preferreds that yield 6% plus investment grade and really don't worry about any rate scenario that would negate this built in yield advantage over present day inflation. They have been very good the past few years for me.
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I like finding little odds and ends ways to make or save money, so my ultimate stretch goal would be to have all those little income streams and expense cuts added up cover all our retirement expenses without much work, or hobby income of activities I would do even without pay. Then interest rates and the stock market can do what they will.