By the summer of 1980, inflation was near 14.5 percent, and unemployment was over 7.5 percent.

But in 1981 and 1982, the then-Fed Chair, Paul Volcker took drastic steps to stem inflation, which had reached 11.6 percent, by raising interest rates as high as 19%. The policy helped stop inflation but also caused a recession.

$1 in 1980 = $3.73 today nostr:note1zgkrkurxwtg7azcunerd3crhf697eaezfc2rkwttvyj5w2wqjtfsee89qf