"Productivity growth in this country has actually been negative in a recent period. And, we have had higher oil prices; of course…. Under those conditions, the standard of living of the average American has declined."
— Paul Volcker

January 1, 1970

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People from New JerseyEconomists from the United StatesLutherans from the United StatesChairs of the Federal Reserve
Original Language: English

Sources

Testimony to the Joint Economic Committee (October 17, 1979), as recorded in the Hearings, Reports and Prints of the Joint Economic Committee. Often quoted as "The standard of living of the average American must decline" or "The American standard of living must fall."