Dramatic Fall in Living Standards - Jeff Calkins - January 1981

Jeff Calkins

One year ago, Plain Truth Editor Herbert W Armstrong wrote "Prepare to Greatly Reduce Your Standard of Living!" The prediction was right on target- 1980 has seen an incredible fall in living standards. What was behind such an accurate prediction? Nineteen eighty-the 50th anniversary of the first full year of the Great Depression- was an incredible-an incredibly bad-year! The economic world went crazy. Gold approached U.S. $900 an ounce before receding. Silver came near U.S. $50 an ounce and then the bubble burst, wiping out billions in paper profits. Inflation reached unheard-of levels in the United States-18 percent and remains in a disastrous 10 percent range. Interest rates hit 20 percent- another sign of economic madness. The outcome: 1980 saw a dramatic fall in the real income of the average person, just as Plain Truth Editor Herbert W. Armstrong predicted in the January, 1980, U.S. issue. - Information Supplied By: Herbert W Armstrong Library