"The federal funds rate, which was about 11% in 1979, rose to 20% by June 1981. The prime interest rate, an important economic measure, eventually reached 21.5% in June 1982"
It doesn't really matter what rates were in the early 80s.
We're adjusted to the ZIRP rates from 2008-2021. Unprofitable business ventures that were kicking the can down the road rolling over cheap short term borrowing should go broke as their borrowing rates adjust higher. And sectors like commercial real estate are getting squeezed by remote work and online shopping, raising their borrowing rates should accelerate their failure.
We're adjusted to the ZIRP rates from 2008-2021. Unprofitable business ventures that were kicking the can down the road rolling over cheap short term borrowing should go broke as their borrowing rates adjust higher. And sectors like commercial real estate are getting squeezed by remote work and online shopping, raising their borrowing rates should accelerate their failure.