To me, there’s a real tension. Because in the U.S., it was one of the few decades in which the median income (inflation-adjusted) was lower at the end than at the beginning. And I think the UK may have struggled just as much or more economically.Considering our own world say this decade as a period of detante in the Cold War, would it be possible to see a 70's-punk world actually be a hopeful one? . .
Energy policy was in the air. It wasn't just Jimmy Carter.Gerald Ford
Address Before a Joint Session of the Congress Reporting on the State of the Union.
January 15, 1975
http://www.presidency.ucsb.edu/ws/index.php?pid=4938
' . . . Economic disruptions we and others are experiencing stem in part from the fact that the world price of petroleum has quadrupled in the last year. But in all honesty, we cannot put all of the blame on the oil-exporting nations. We, the United States, are not blameless. Our growing dependence upon foreign sources has been adding to our vulnerability for years and years, and we did nothing to prepare ourselves for such an event as the embargo of 1973. . . '