We had a terrible recession in the early 1980s. It came after years of stagflation. It came in the midst of some of the highest interest rates ever recorded. Worse, it came as our nation stood on the cusp of transitioning from a manufacturing economy to an information-based economy.
That transition, unfortunately, left hardened laborers on that cusp for too long. For example, steelworkers gave their all for a dying industry only to be left empty-handed. However, they weren't really poor.
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