[Verse 1]
Back in the sixties, the economy grew
Lyndon Johnson had a plan or two
Great Society programs, spending was high
Vietnam War costs reaching the sky
Guns and butter, that's what they said
But printing more money filled us with dread
[Chorus]
Before the oil shock, inflation was rising
Spending and printing, so surprising
Nixon tried wage controls, froze the prices down
But pressure was building all around
Before embargo, the writing was clear
Economic trouble was already here
[Verse 2]
Gold standard broken in seventy-one
Nixon closed the window, Bretton Woods was done
Dollar floating freely, no anchor in sight
Federal Reserve kept the money supply light
But deficit spending kept growing each year
The foundation was cracking, the signs were clear
[Chorus]
Before the oil shock, inflation was rising
Spending and printing, so surprising
Nixon tried wage controls, froze the prices down
But pressure was building all around
Before embargo, the writing was clear
Economic trouble was already here
[Bridge]
Too much money chasing too few goods
Wages and prices climbing in the neighborhoods
Labor strikes demanding higher pay
Economic pressures building day by day
The ember was glowing before the flame
Nineteen seventy-three just fanned the game
[Verse 3]
Food prices climbing, commodities too
Housing costs rising, what could we do
Unemployment falling but inflation grew
The Phillips Curve promised this wasn't true
But reality showed us a different sight
The stage was set before that October night
[Chorus]
Before the oil shock, inflation was rising
Spending and printing, so surprising
Nixon tried wage controls, froze the prices down
But pressure was building all around
Before embargo, the writing was clear
Economic trouble was already here
[Outro]
So remember this lesson, it's easy to see
The crisis of seventy-three had history
Inflation was building before oil went high
The embargo just made the pressure multiply