[Verse 1] The post-war boom was humming sweet Full employment, prosperity's beat Then nineteen seventy-three came crashing down Oil embargo turned the world around Stagflation knocked us off our feet High prices, jobless on the street [Chorus] When the golden years cracked wide open Unemployment and inflation both were rising Policy makers left broken-hearted Old solutions fell apart, departed The golden years cracked, cracked, cracked No turning back, back, back [Verse 2] Politicians faced a wicked choice Raise rates high or hear the voters' voice Fight the prices or fight jobless lines Can't cure both with the same designs Credibility slipping through their hands Public trust like shifting sands [Chorus] When the golden years cracked wide open Unemployment and inflation both were rising Policy makers left broken-hearted Old solutions fell apart, departed The golden years cracked, cracked, cracked No turning back, back, back [Bridge] Canada, US, Europe too The regime that worked was finally through Phillips curve became a twisted maze End of the post-war golden days New constraints on every choice Democracy had lost its voice [Verse 3] Tolerance for jobless crowds grew thin Political legitimacy wearing thin Central bankers questioned every move Had to find a different groove The old playbook was obsolete Economic defeat [Final Chorus] When the golden years cracked wide open Unemployment and inflation both were rising Policy makers left broken-hearted Old solutions fell apart, departed The golden years cracked, cracked, cracked Seventy-three, the economic pact No turning back, back, back [Outro] The regime break had begun The golden years were done
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