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When Paul Volcker was Chairman of the Federal Reserve, he made a statement. What did he mean?

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Volcker said, while he was still chairman, "The standard of living of the average American has to decline". What did he

mean?

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  1. It means that we are spending more than we are earning or saving.

    That not only applies to the individual, but the government as well.


  2. Need more context or a link.

  3. He is talking about inflation in relation to the increase in government spending and consumerism.
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