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In jan 1981 he inflation rate was near 11.8% and the fed had raised the fed funds rate to over 18% to fight inflation. The unemployment rate was 7.4% about where it had been for over a year. Oil was about $80 (it was $16 in 1973) a barrel in today's prices which was a record at that time. see http://www.wtrg.com/oil_graphs/crudeoilprice7381.gif