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Period: to
1960's
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Recessionof 1960-1961
The cause of the recession was that,the GDP of the United States during this period fell 1.6%, and the unemployment rate hit its peak at 7.1% -
JFK elected as the 35th President
Increase in the minimum wage from $1.00 to $1.25 per hour. AN increase in unemployemnt compensation and aid to childeren unemployed workers. -
Vietnam War
is still going on in the 1960's
The requirement of the war effort strained the nation's production's capacities and domestic social spending causing budget eflicts which cause inflation. -
JFK Assasination
35th president shot and killed in Dallas Texas at 12:30 p.m. Cause chaos and drop in the stock market. -
LBJ becomes the 36th President
Inflation was stable and the stock market had rebounded, but unemployment was still too high at 5.7%. -
War of Poverty
Poverty rates fell 42% during th War.
Congress passed the bipartisan Economic Opportunity Act of 1964 and critical civil rights legislation, which created the legislative framework to expand economic opportunity through anti-poverty, health, education, and employment policies -
Women take in workforce.
Amerrican wmoen employed rised to 37% in 1965 -
Credit Crunch of 1966
Federal Funds rates fell to 1.50% and by Sept 9 it fellto 6.13%. It cause the credits tof freeze because of the demand for credit by Federal, State, local Gov,., consumers, industrial amd commerical capilists. -
Mini Recession
From 1966-1967. Cause by the Credit Crunch. Fed tried to quicky ease the markey by buying Treasuries. -
Almost Inflation
1967 Johnson administration became concerned with inflation. On August 3 Johnson asked congress to impose a temporary 10 percent income tax surcharge. The surcharge became a law on June 28 1968 that was tied to a $6 billion budget reduction. In 1968, Johnson’s almost last month in office, the growth rate was 4 percent and the unemployment rate was only 3.3 percent, but the inflation rate had reached 4.7 percent. -
Civil Right's Movement Ends
Since President Johnson signs the Civil Rights Act of 1968, prohibiting discrimination in the sale, rental, and financing of housing.That means that employement will go up -
Average Americans real income increased 50%
Median family income rose from $8,540 in 1963 to $10,770 by 1969. -
Richard Nixon elected as the 37th President
Uneployment rate was at 3.6%
Inflation increased to 6.5% when Nixon was elected. -
First Human on Moon
Space related activites git 59% of nondefense gov, R&D spendings which was 176 billion. -
Recession of 1969-1970
A relatively mild recessio that lasted 11 months. Unemplyement rates reached 6.1% and GPD fell to 0.6%