1970s Inflation Forecasts for 2026 Were Dramatically Off, TVs Prove the Point
TL;DR Summary
A 1978 column warned that 6% annual inflation would push prices 16x by 2026, predicting a $11,200 color TV and an $80,000 car, with wages near $160,000. By 2026, TVs cost under $700, wage growth was slower than predicted, and housing costs rose sharply, showing how inflation forecasts can be off when underlying dynamics change.
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