Early '70s parallels

Gerald P. O'Driscoll Jr. in the WSJ today seems immune to '70s nostalgia:

The 1970s was a decade of stagflation -- the concurrence of a rising inflation rate and stagnant economic growth. The U.S. economy has not now reached the double-digit inflation rate (almost 15% by 1981), or the 9% unemployment rate, experienced back then. But the early '70s, not the decade's end, offer the more ominous parallels to today's situation.

Not going back to the '70s economy should be a central theme of John McCain's campaign, but so far he hasn't emphasized it.