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Libertarian trash. It literally quotes their god Hayek at the end.
Only some of it is libertarian trash. The majority of those graphs could be equally interpreted as the need to move towards a more socialist policy.
I can think of two big changes that happened around then, and both had long-term repercussions:
- Nixon Shock
- Deunionization
Although these are kinda related too, because you need savings to strike. Credit ratings are a horrifyingly opaque way for corporations to tell us how long we can last.
Why does your meme use 1971?
You would have to ask Mr. Fred Krueger. Ask it nicely, because I hear he can kill you in your dreams.
I don't see how any of Hayek's ideas apply here.
If e.g. money was treated like outlined in his "Denationalization of money" the inflation rate would look vastly different, because the supply inflation of the USD couldn't have been forced the way it was done.
And that supply inflation caused devaluation of the USD and inflation of prices.
I'm not saying that all of the inflation rate has been caused by USD supply inflation, but Hayek might be not so bad, if you look closer.
I mean, Austrian economics barely plays any role in any economy; why blame them for the shortcomings of our current economic schemes?