1955-1975

By Madelyn1

  • Minimum Wage Increases

    Minimum wage is increased from 75 cents to $1 per hour.

  • Jonas Stalk Developes Polio Vaccine

    Soon after Salk's vaccine was licensed in 1955, children's vaccination campaigns were launched. The results were amazing: 60 – 70% prevention. The vaccination program saved more than $5 in direct costs and approximately $11 in additional costs to society. The annual number of polio cases fell from 35,000 in 1953 to 5,600 by 1957. By 1961 only 161 cases were recorded in the United States.

  • U.S. Installs Diem as leader of South Vietnam

    Diem was viewed by the U.S. officials as the best hope for a leader for an independent, democratic, South Vietnam. This affected the economy because since South Vietnam was no longer a communist nation like the North, we were able to trade with them. Throughout this period, the level of U.S. aid and political support increased.

  • Rosa Parks incites Montgomery buss boycott

    It was the first example of the economic clout that the community had because eventually, the bus company had to desegregate their buses or face serious financial difficulties as very many black Americans used the buses. Without their economic input via fares, the bus company of Montgomery faced probable bankruptcy.

  • AFL-CIO Is formed

    The American Federation of Labor and the Congress of Industrial Organizations merge to form the AFL-CIO

  • Eisenhower Doctrine

    Under the Eisenhower Doctrine, a country could request American economic assistance/aid from U.S. military forces if it was being threatened by armed aggression from another state. This kept countries economically independent and free from communism.

  • The Civil Rights Act of 1957 is passed

    The goal of the 1957 Civil Rights Act was to ensure that all Americans could exercise their right to vote. The U.S. Congress approves the first civil rights bill since reconstruction with additional protection of voting rights. This affected the economy because it was another step in the Civil Rights Movement.

  • Space Race begins

    The Russians launch sputnik, beginning the space race.

  • Explorer I Is launched

    Explorer I, the first U.S. space satellite, is launched by the Army at Cape Canaveral.

  • NASA is formed

  • National Defense Education Act is passed

    This act funded education institutions at all levels.

  • Cuban Revolution Begins

  • Hawaii and Alaska become states

  • "Get America Moving Again"

    JFK starts his campaign, "Get America Moving Again," which was focussed on making the American economy better.

  • The Other America is published

    Michael Harrington published "The Other America" which exposed the poverty of the United States. This then exposed the issues that the American economy was facing and showed the people what was actually happening.

  • JFK is assassinated

  • The U.S. gets involved in the Vietnam War

  • The Great Inflation Begins

    The Great Inflation is period of time in which that the inflation is unusually high. The rise of inflation is what allowed for an excessive growth in the supply of money.

  • Minimum Wage Increases

    Minimum Wage Increases from 1.25 to 1.60 dollars an hour.

  • MLK is Assassinated

  • The Civil Rights Act of 1968

    The Civil Rights Act of 1968 was signed into law by President Johnson.This provided for equal housing opportunities regardless of race, religion, or national origin and made it a federal crime to force or by threat of force, injure, intimidate, or interfere with anyone, by reason of their race, color, religion, or national origin.

  • U.S. spending on Vietnam War

    The US was spending $22 billion a year on the Vietnam war, a full 12% of the total federal budget.

  • Neil Armstrong Lands on the Moon

    Neil Armstrong and Buzz Aldrin land on the moon.

  • PBS

    The Public Broadcasting System (PBS) begins operations, succeeding National Educational Television. PBS has a big impact on the economy because it opened a lot of jobs

  • The 26th Amendment

    The 26th Amendment is ratified, allowing 18-year-olds to vote.

  • Nixon visits China

    President Richard Nixon visits China, an important step in formally normalizing relations between the United States and China. This helped open trade for the economy.

  • 1973 Oil Crisis

    The United States is affected by the Arab Oil Embargo; gasoline prices skyrocket as supplies of gasoline and heating oil are in short supply. In response, Daylight Savings Time is started in January, and the national speed limit is lowered to 55 mph.

  • Trans-Alaska Pipeline

    The Trans-Alaska Pipeline is 800 miles of pipeline that conveys oil from Prudhoe Bay to Valdez, Alaska

  • Bill Gates founds Microsoft