[Verse 1] Back in seventy-three the world changed overnight Oil prices jumped and gave us all a fright But here's the puzzle that we need to solve Why does inflation keep on getting involved Even after that first shock fades away The prices keep on rising day by day [Chorus] Expectations spiral up and up Workers want more wages fill their cup Costs keep pushing prices through the roof Sticky downward that's the painful proof Once inflation starts its upward climb It takes forever just to slow in time [Verse 2] When people think that prices gonna rise They act in ways that no one can disguise Unions bargain for much higher pay Companies raise their prices right away It's like a dance that no one wants to do But everybody's forced to follow through [Chorus] Expectations spiral up and up Workers want more wages fill their cup Costs keep pushing prices through the roof Sticky downward that's the painful proof Once inflation starts its upward climb It takes forever just to slow in time [Bridge] Wage price spiral round and round it goes Where it stops well nobody really knows Central banks must fight with all their might To bring inflation back down from its height Breaking expectations is the key To set the economy finally free [Verse 3] Contracts written with inflation built right in Make it harder for the healing to begin Landlords tenants workers and their boss All protecting from inflation's costly loss The regime shifted and we learned too late Stopping inflation's quite a different fate [Final Chorus] Expectations spiral up and up Workers want more wages fill their cup Costs keep pushing prices through the roof Sticky downward that's the painful proof Once inflation starts its upward climb It takes forever just to slow in time Breaking the cycle takes much more than time
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