WHEN “RUNAWAY INFLATION” WAS RACKING THE ECONOMY
Those of us who lived and worked during the 1970’s recall those far-off days when inflation was spiraling out of control. Oil prices were a key factor in this economic malaise. Each time consumer prices took a leap, buying power dropped. Salaries were then hiked, causing prices to rise again. Thus, the cycle repeated itself.
Here are a few personal mementos from that time period. Back then, my family and I were living in the Johnson Apartments. The building was located on the corner of Russell Street and Fifth Ave. – a very convenient spot back in the days when St. Paul’s downtown area was thriving. Apartments were scarce and each time one of them became vacant, new tenants quickly moved in.
For many young folks (including me) the apartments around town were the first home of their married life. Did you live in one of them? If so, let us know.
The former Johnson Apartments passed through several hands before being destroyed by a disastrous fire. Thanks to the efforts of the St. Paul Volunteer Fire Department and other area firefighters, the adjacent Fraley building was saved.