The Great Deflation of the 1970s as it is more commonly known, really lasted that entire decade. With the economy taking a big hit in 1973 thanks to the energy crisis of that year, because of the 1973 Middle East Oil Embargo. And it was actually President Richard Nixon who was going, through some really tough political issues that year (for well-known reasons) who made a big push to move America to energy independence and had almost no success with that.
But the energy crisis of the early 1970s crisis followed by the 1974-75 recession, followed by a mild recovery of 1976 that had weak economic and job growth, the economy taking a big hit in 1978 with rising interest and inflation rates, followed by the recession of 1979-80, etc. The American economy was in transition in the 1970s. Because the Vietnam War was finally ending which is a good thing.
But the defense budget gets cut in that decade with defense industry losing money as a result. Taxes going up thanks to the Great Society of the 1960s. America becoming more dependent on foreign oil from an unstable area of the world. The Middle East pumping less oil making our energy prices and cost of living with the high interest rates and inflation. A very expensive time in this country. But at least we had the designer jeans revolution of the late 1970s and jeans in boots becoming popular for the first time and all the great entertainment and sports from that decade. Still a hell of a price to pay with the Great Deflation.