[Verse 1] Back in the seventies, something went wrong Prices kept rising while jobs disappeared Inflation was climbing, economy stalling Two problems at once that nobody had feared Oil shocks hit hard from the Middle East Supply lines were broken, costs increased The Phillips Curve failed us, theory was shaken New economic reality had awakened [Chorus] Stagflation nation, what's the explanation Oil shocks and supply, or money supply high Demand-pull, cost-push, theories in a rush Market solutions became the revolution [Verse 2] Some blamed the Fed for printing too much Monetarists said money growth was key Others pointed to supply-side disruptions OPEC's power over energy Demographics shifting, boomers at work Productivity growth began to lurk Union power strong, wages kept rising While economic growth was compromising [Chorus] Stagflation nation, what's the explanation Oil shocks and supply, or money supply high Demand-pull, cost-push, theories in a rush Market solutions became the revolution [Bridge] When Keynesian tools couldn't fix the mess Politicians looked for new success Deregulation, privatization Free market faith across the nation Reagan's vision, Thatcher's way Supply-side economics ruled the day [Verse 3] Voters wanted change from economic pain Old policies seemed to fail again Conservative ideas gained more ground Market-based solutions could be found Unions weakened, taxes cut Government programs faced the cut Globalization opened doors Competition from foreign shores [Chorus] Stagflation nation, what's the explanation Oil shocks and supply, or money supply high Demand-pull, cost-push, theories in a rush Market solutions became the revolution [Outro] From New Deal consensus to market reign Economic theories had to change Prosperity's path took a different turn New lessons for us all to learn
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