Bacon's Rebellion

Democracy Thrives in Sunlight

A History Lesson for the Governor

—

by

Dick Hall-Sizemore
in

by Dick Hall-Sizemore

In announcing the latest revenue collections (they are high), Governor Youngkin renewed his pitch for tax cuts, commenting, “This report confirms that the time is now to deliver meaningful tax cuts to Virginia families who are getting crushed by five-dollar gas and record-high inflation.”

That statement gave me pause.  “Record-high inflation”?  I am old enough to easily remember the late 1970’s and early 1980’s when mortgage rates were in the mid-teens and, I seem to remember, inflation was high as well.  (I realize that Mr. Youngkin was only 14 years old in 1980, so he probably was not paying attention to such things.)

A little research confirmed my memory.  According to the U.S. Bureau of Labor Statistics (BLS), inflation peaked in March 1980, with the CPI 14.8 percent higher than it had been 12 months earlier.  Inflation was 11.35 percent for calendar year 1979 and 13.5 percent for calendar 1980.

The BLS data provides additional historical perspective.  During the period of July 1916-November 1918, the inflation factor was 19.1 percent on an annualized basis.  From November 1918-June 1920, it “dropped” to 17.3 percent.  For the 12-month period of March 1946-March 1947, overall prices increased 20.1 percent.  For the 24-month period of Dec. 1972-Dec. 1974, the annualized inflation rate was 10.5 percent.  There was the period in the late 1970’s and early ‘80s already mentioned.  Even as recently as Oct. 1989-Nov. 1990, the inflation rate was 6.3 percent over each 12-month period, not that much lower than today’s current rate.

Today’s price increases are causing hardship for many people.  However, that is no reason for politicians to exaggerate them for their own purposes.

Share this article

ADVERTISEMENT

(comments below)

ADVERTISEMENT

(comments below)

Comments

30 responses to “A History Lesson for the Governor”

  1. Eric the half a troll Avatar
    Eric the half a troll

    “However, that is no reason for politicians to exaggerate them for their own purposes.”

    “Their own purposes” is all the reason they need…

  2. Scott McPhail Avatar
    Scott McPhail

    So not “record high”, . . . just the highest in over 40 years.
    How about highest this century?
    This millennium?

    And lets see, a quick search shows that the most recent data has the median age for the US at 38 years old.
    So half the population was not born when we last had inflation like this.

    1. Dick Hall-Sizemore Avatar
      Dick Hall-Sizemore

      If the Governor had said, “inflation higher than in most people’s lifetimes”, that would have been accurate and would have gotten his point across. But, he decided to go further and say “record-high”, which is inaccurate.

      1. VaPragamtist Avatar
        VaPragamtist

        Since we’re picking nits, “record high” is understood to mean the highest recorded amount within a given period.

        So unless Governor specified a time period, he’s neither accurate nor inaccurate.

    2. Nancy Naive Avatar
      Nancy Naive

      Give ‘im a break. He was 12 the last time it was this high, and didn’t affect the cost of a Slurpee.

  3. vicnicholls Avatar
    vicnicholls

    I know people choosing on food, medicine, rent, etc. that’s not painful. That’s catastrophic.

  4. DJRippert Avatar
    DJRippert

    Headline from yesterday, “Wholesale prices rose 10.8% in May, near a record annual pace”.

    https://www.cnbc.com/2022/06/14/wholesale-prices-rose-10point8percent-in-may-near-a-record-annual-pace.html

    The partisan attacks on Glenn Younkin are ridiculous. Dick has YDS – Younkin Derangement Syndrome. Criticizing the most minor of points.

    If that’s the worst that Youngkin critics can say, he must be doing a hell of a good job.

    1. Dick Hall-Sizemore Avatar
      Dick Hall-Sizemore

      I have a feeling that critics of Northam would have identifed similar inaccurate claims.

      1. Matt Adams Avatar
        Matt Adams

        “Dick Hall-Sizemore DJRippert
        30 minutes ago
        I have a feeling that critics of Northam would have [sic] identifed similar inaccurate claims.”

        I doubt it, but I’m sure you’d be here defending him if they were. Partisan hackery at its finest.

      2. DJRippert Avatar
        DJRippert

        Probably so, although Northam had plenty of more substantial faux pas.

        1. Matt Adams Avatar
          Matt Adams

          Which Bot Hall-Sizemore gleefully defended without thought.

    2. YellowstoneBound1948 Avatar
      YellowstoneBound1948

      DJ, you seem to have forgotten how hard it was to get a home loan in 1916.

      1. Nancy Naive Avatar
        Nancy Naive

        It wasn’t that hard, but the 1929 foreclosure rate was astounding.

    3. LarrytheG Avatar
      LarrytheG

      Waaaayyyy better than Gov Blackface, right?

  5. James Wyatt Whitehead Avatar
    James Wyatt Whitehead

    Yes, Youngkin is exaggerating. He does not have many significant wins that benefit the citizen’s wallet. He can’t even score a temporary halt to the gas tax.

  6. YellowstoneBound1948 Avatar
    YellowstoneBound1948

    This wins the prize for the biggest “nitpick” in the history of this blog.

    1. DJRippert Avatar
      DJRippert

      A slow news day, I guess.

  7. James McCarthy Avatar
    James McCarthy

    Democracy thrives in sunlight!! Within the context of Mr. Sizemore’s book review, calling to attention “nitpicks” makes sense. Crabby conservatives also wish all to forget the horrors of the previous President.

    1. Matt Adams Avatar
      Matt Adams

      “James McCarthy • a few seconds ago
      Democracy thrives in sunlight!! Within the context of Mr. Sizemore’s book review, calling to attention “nitpicks” makes sense. Crabby conservatives also wish all to forget the horrors of the previous President.”

      If you’re going to downvote, have the balls to comment Jimmy.

    2. LarrytheG Avatar
      LarrytheG

      Well even in Virginia, Conservatives seldom mention Bob McDonnell anymore except to proudly proclaim that SCOTUS overturned his bribery conviction… no matter the rolex watches and other swag he and wife got.

      Why I bet that if Conservatives had to vote for either McDonnell or Northam it would be no contest. McDonnell hands down!

      1. VaPragamtist Avatar
        VaPragamtist

        Your comment seems to imply that you wouldn’t vote for McDonnell over Northam. Why is that? How much does party affiliation play in your assessment of both individuals and your willingness or lack thereof to overlook their respective scandals?

        Let’s set aside scandals. Objectively, who was the better governor–Northam or McDonnell?

  8. Randy Huffman Avatar
    Randy Huffman

    You are technically correct on your criticism and I am sure your numbers are dead on. While young, I remember those high inflation and interest rate years very well, it was extremely painful.

    As to criticizing politicians for exaggeration for their own purposes, we can also look no further than a few days ago when President Biden asserted that “Exxon made more money than God this year”. I could write an entire article challenging the validity of that assertion (but will spare everyone and not). Sadly, they all exaggerate, and it isn’t in the best interest of our County.

    1. James McCarthy Avatar
      James McCarthy

      There is a difference between exaggeration and lies. Far too much of the latter. The public has a good nose for exaggeration but a poor meter when it is lied to.

      1. WayneS Avatar
        WayneS

        And who gets to decide what is a lie and what is merely exaggeration?

  9. disqus_VYLI8FviCA Avatar
    disqus_VYLI8FviCA

    Dick, the Gov’s point is correct. If you are going to object every time a politician takes poetic license with their rhetoric, you are going to be a busy man and I would suggest you listen to POTUS for the biggest stretches of truth. Price hikes are impacting people’s lives in a material way. Much of the pain is a self-inflicted wound. If Youngkin can do something to take the government boot off the necks of American families – Hooray for our new Gov!

  10. walter smith Avatar
    walter smith

    Let’s all back off a bit.
    I doubt we have hit YET the inflation of the late 60s and 70s.
    But let’s not pretend it is calculated anywhere near the same, either.
    https://www.bls.gov/cpi/additional-resources/historical-changes.htm
    It seems like pretty historic inflation to me, and to anybody born after 1982, they have never seen it.
    Things are really bad and it all falls squarely at the feet of you Leftists with your love of the Green Nude Eel (based on bad science), the spending approved due to stoking irrational fear to shut down the economy because OMB, the labor shortage caused by paying people not to work and exacerbating that with the immoral, ineffective vax mandates so people have dropped out. And weirdly, why are the disability numbers for 15-64 up by about 10% (and don’t say it seems to be correlated to vax mandate rollout you insurrectionists!)? The energy policy prior to “Putin’s gas hike” enriched Putin and caused Putin’s gas hike! (Coupled with the jokeWoke military that couldn’t even leave Afghanistan in a sane fashion) Hey, but our fail up all her like Treasury Secretary assured us inflation was transitory and J6 was an insurrection, and men can have babies and we have a coming Supreme Court Justice who is both – at the same time – the first black woman on the Court and the first Justice who doesn’t know what a woman is.
    Good job guys. Let’s quibble over how bad we’re getting screwed. Before FJB is done, Jimmy Carter will be a giant of greatness…

  11. DJRippert Avatar
    DJRippert

    Exaggerate? Biden flat out lies. He claimed at a speech at the US Naval Academy that he was appointed to the Naval Academy in 1965. Never happened. A complete fabrication.

    https://youtu.be/fRw0fA6YHUw

  12. DJRippert Avatar
    DJRippert

    Every single day Biden is overtly lying or willfully misrepresenting the truth. Every. Single. Day.

    One of his latest ….

    https://reason.com/2022/06/13/why-bidens-claim-of-cutting-the-deficit-is-false-in-a-single-chart/

  13. WayneS Avatar
    WayneS

    You are an intelligent and erudite man, a first-rate researcher and reporter, and an excellent writer. If your complaint in this article is what you have been reduced to in order to justify your continued criticism of governor Youngkin then I think it is safe to say he is doing a pretty good job.

  14. Fred Costello Avatar
    Fred Costello

    Walter Smith’s comment is the first article that I have seen that mentioned the then President Jimmy Carter, a Democrat, in connection with the super-high inflation of 1979-1980. I was in my 40’s at the time. I remember it well.

Leave a Reply

Read More