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Oil shocks of 1973 and 1979
-Oil increases from $3 to $12
-opec
-70% increase in prices
-People wait in line for gas
-Incensed plates and odd number were only able to buy gas on odd number of days. -
1974 Gerald R.Ford becomes president
-Impact and Legacy
-Americans did not chose him to be the president.
-Failing economy the likely collapsed with South Vietnam
-50,000 soldier died
-Loose job . -
1975 Vietnam War
-Money for war
-Company is busy making weapons.
-The average inflation in the 1970s was 6% and in 1979 top out at 13.3%.
-Unemployment rate was the highest since the great depression at 8.7% -
Human Right
- Jimmy Carter campaigned for presidency -Infuse a new morality in American diplomacy. -Human right strategy serve as the cornerstone of Carter's foreign policy. -Affected Human right due to injustice and violation.
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Tax Reform Act
- Economic growth rates were extremely low -The act raised overall revenue by $54.9 billion in the first fiscal year after enactment -Tax Reform Act of 1986 was the most recent major simplification of the tax code -Citizens pay more for tax
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1970 business respond in the U.S
-Business is going down.
-Worried to face another Great Depression.
-Oil crisis -
Refugee Act
-Amendment of the earlier immigration and nationality act
-Raise the limitation from 17,400 to 50,000 refuges admitted each fiscal year .
-Forced to leave the country -
1986 Space shuttle challenger accident
-$450 million cost to built the challenger.
-United states congress authorized the construction of a new space ship which cost $1.7 billion.
-Investigation for disaster cost $245 million.
- Job is low because bosses don't have enough money to pay for the worker.
