I am one of those to whom Krugman refers, in their sixties, with first hand memories of life in the seventies. Krugman is right that the reality of the seventies is not as is being currently portrayed by the “austerians“.
I have many vivid memories of the seventies in the UK and Europe, including the three-day week and the miners’ strike.
Perhaps, one my most vivid memories is from when I was working for American Express and had a conversation with a Swiss lady on a plane. She said to me in all seriousness:
Oh you are English. How terrible! I can’t imagine how you can live with all those strikes!
What do you remember of the seventies?