[Verse 1]
Nineteen seventy-three, the year that changed the game
Oil prices skyrocketed, nothing stayed the same
Was it just a single jolt or something more to fear?
A one-time price shock versus inflation's gear
[Chorus]
Spinning round and round, the wages chase the cost
Round and round they go, until the battle's lost
Expectations climbing, tightening comes too late
Round and round we spin in the inflation state
[Verse 2]
Workers see their paychecks shrinking at the store
Demand their bosses pay them like the year before
Catch-up wage negotiations push the prices high
While everyone expects tomorrow's costs will fly
[Chorus]
Spinning round and round, the wages chase the cost
Round and round they go, until the battle's lost
Expectations climbing, tightening comes too late
Round and round we spin in the inflation state
[Bridge]
Adaptive expectations lock the spiral tight
Yesterday's inflation predicts tomorrow's plight
Central banks respond with policies unclear
Delayed and inconsistent, year after year
[Verse 3]
Persistence is the difference, not just shock alone
When wages feed inflation, the monster's fully grown
From Canada to Europe, the pattern stays the same
Economic regime breaking, new inflation game
[Chorus]
Spinning round and round, the wages chase the cost
Round and round they go, until the battle's lost
Expectations climbing, tightening comes too late
Round and round we spin in the inflation state
[Outro]
One-time shocks will pass but processes endure
When expectations spiral, the cure is never sure
Nineteen seventy-three taught us what we know
Sometimes economies just won't let go