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The Inflation-Unemployment Texas Two-Step

The Inflation-Unemployment Texas Two-Step

The following appeared on the American Thinker blog as their Graph for the Day, December 22, 2010.

“Republican leaders in Congress say they have ‘deep concerns’ [i.e., the inflationary potential] about Ben S. Bernanke’s second round of quantitative easing. The U.S. stock and credit markets don’t share those reservations.

“The Standard & Poor’s 500 Index has climbed 17 percent since the Federal Reserve chairman first indicated on Aug. 27 that the central bank might buy more securities to boost the economy.”[1]

– Caroline Salas (Bloomberg, Dec. 17, 2010)


Index of the Inflation-Unemployment Texas Two-Step:

July ’72 – November ’74 inflation rose from 3.0 to 12.2 percent

October ’73 – May ’75 unemployment rose from 4.6 to 9.0 percent.

December ’76 – May ’80 inflation rose from 5.0 to 14.6 percent

May ’79 – November ’82 unemployment rose from 5.6 to 10.8 percent.

December ’86 – October ’90 inflation rose from 1.2 to 6.4 percent

March ’89 – June ’92 unemployment rose from 5.0 to 7.8 percent.

March ’98 – March ’00 inflation rose from 1.4 to 3.8 percent

December ’00 – June ’03 unemployment rose from 3.8 to 6.3 percent.

June ’02 – July ’08 inflation rose from 1.1 to 5.5 percent

May ’07 – October ’09 unemployment rose from 4.4 to 10.1 percent.

Janice Shaw Crouse, Ph.D., author of “Children at Risk” (Transaction, 2010), is Senior Fellow, The Beverly LaHaye Institute, Concerned Women for America.

[1]Caroline Salas, Bloomberg, December 17, 2010,

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