this post was submitted on 13 Dec 2025
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Privacy
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The crisis was one of capitalist profitability - the rate of profit - moreso than one felt directly by workers (though they still felt its impacts). The late 70s in particular is where this was felt most acutely. The hatred most boomers feel towards Jimmy Carter is mainly due to the economic pressures they felt at the time). Of course that was still the time of boomers buying homes for relatively cheap so it looks good compared to now but not compared to the decades before it. The 1970s were known as the era of stagflation. Essentially, the capitalists were squeezed by higher prices (oil embargoes, labor unions, etc) and had to find a way to reverse this and restore profitability. Things like offshoring and financialization of the economy were the solution. And that worked for a while, but now there’s no more gains to be made there.