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By 1971 inflation had briefly exceeded 6 percent, and the trend was thought to be so dangerous to the economy that President Nixon imposed wage and price controls in an attempt to head off the combination of rising costs and a stagnant economy. In spite of such efforts, inflation persisted and brought to the late 1970s and early 1980s some of the highest inflation and interest rates that had occurred in any-one's memory (the consumer price index [CPI] exceeded 14 percent in March 1980, and the prime lending rate peaked at 20.5 percent between July and September 1981).

While these late-twentieth-century economic fluctuations had huge financial implications and repercussions on America, they specifically precipitated a profound change in the life insurance industry.

 

 

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