1970s
Political
Economic
After the end of the Vietnam War, the country entered a recession with many problems such as: energy shortage, high inflation, and high unemployment. Nixon tried to help the economy by passing a tax bill repealing investment tax credit, and removing two million of the nations poor from tax rolls. One of his biggest goals was to reduce the extremely high inflation rates, so Nixon tried to impose prize and wage freezes. He also took the Dollar off of the gold standard. Nixon also advocated for New Federalism as part of his domestic policy. By 1972, the recession ended. Carter's administration had to help a seriously severed economy. "Carter worked hard to combat the continuing economic woes of inflation and unemployment. By the end of his administration, he could claim an increase of nearly eight million jobs and a decrease in the budget deficit, measured in percentage of the gross national product. Unfortunately, inflation and interest rates were at near record highs, and efforts to reduce them caused a short recession." |
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Social