It was worthless. The GNP is showing a slower than normal rate of increase, an indication of a sluggish economy. Housing starts are low and unemployment is on the rise. To make matters worse inflation is quite high. This problem presents a bit of a conundrum for economists.
Stagflation is a two headed monster.
You have inflation AND a sluggish economy. This is rare but it has happened, as recently as the mid 70's. The problem is that any action you take has the reverse effect on the other half of the problem. The answer to the problem was to deal with inflation first as this is considered more problematic and eventually leads to less spending. Then we turned our attention to the recession.