Which of the following best describes the public perception of the economy in the early 1970s?

The public perception of the economy in the early 1970s was characterized by growing pessimism and concern. During this period, the United States faced several economic challenges, including rising inflation, increasing unemployment, and a stagnating economy, leading to what is often referred to as "stagflation." This term combines stagnation and inflation to describe a situation where the economy experiences little or no growth alongside rising prices.

The oil crisis of 1973, triggered by an OPEC embargo, also contributed to public anxiety as it resulted in soaring fuel prices and exacerbated inflation. The shift towards economic uncertainty affected consumer and investor confidence, resulting in a widespread feeling of pessimism about the economic future. Therefore, the perception that the economy was struggling and that there were serious challenges ahead aligns closely with option C, making it the best descriptor of public sentiment at that time.