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Recession began
A big economic downfall in the U.S economy due to stuff like poverty, unemployment etc. -
Wage increase
The minimum wage for workers increases from $1.00 an hour to $1.25 an hour. -
Investment tax
Gave business a 7% investment tax credit, tax cut -
Stock Market Falls
Stock Market falls/drops 6% In the U.S -
Government spending increase
John F. Kennedy increases government spending and cuts taxes to accelerate economic growth. -
Inflation
Inflation was stable but unemployment is really high, at 5.7% -
Jobs Bill, Transit Bill
Lyndon B. Johnson signs Jobs Bill, Transit Bill allocating $375 million for construction of urban transit systems. -
Annual Dividend
Johnson got an annual dividend of $4-5 billion from kennedy's economic plans. -
Tax Reduction Act
Johnson signs Tax Reduction Act, lowering income tax rates to 48% -
Economic Opportunity Act
Economic Opportunity Act supported health/education of the poor, passed by Lyndon B. Johnson -
GNP
GNP is at $9 billion -
Medicaid
Johnson creates Medicaid/Medicare to help the poor -
Federal spending increase
Johnson increases Federal spending as government launched new programs(Food stamps,etc) -
Investment
America's overseas investment increased to $49.2 billion. -
Real Growth
Real Growth is at 9% in U.S. -
Congress
Congress imposed a temporary 10% income tax surcharge. -
Surcharge
Surcharge becomes a law, tied to $6 billion budget reduction. -
Housing discrimination Ban
Housing discrimination Ban, discrimination of sale of privately owned homes -
Low income housing bill
Signs low housing bill, allocates $5 million for poor people -
Low wage
Nixon ignored low wage workers complaints so inflation increased to 6.5%. -
Government failure
Government failure to raise taxes accelerates inflation.