-
Iranian Revolution
The Iranian Revolution lead to an increase in oil prices which in turn affected the US economy in a negative way. -
Period: to
1980-1992
-
Start of Mini Recession
Mini recession was caused by the raise of oil prices and other policies during the Carter presidency. -
Modest Recovery
As a response Federal Reserve Chairman Paul Volcker implemented a restrictive monetary policy or tried to limit the amount of money in the US economy. -
President Reagan Elected
Ronald Reagan is elected as the President of the United States over Jimmy Carter. -
Recession Again
Soon monetary policy started to hurt the economy and the US was sent into another recession in July of 1981 -
Unemployment and Inflation
Unemployment and Inflation hit record highs with them being about 10.8% and 10.3 %. -
Recession ends
Because of "Reaganomics" the US is pulled out of a recession with a decline of unemployment and a major decline in inflation.Reaganomics was basically a form of Supply-side economics. States that economic growth can be most effectively created by lowering barriers for people to produce goods and services, such as lowering income tax and capital gains tax rates, and by allowing greater flexibility by reducing regulation -
Period: to
Economic Growth
1984-1989</a> -
Black Monday
The stock market drops 508 points. -
The first Bush
George H.W. Bush succedes Ronald Reagan as President of the United States -
Early 1990s recession starts
A combination of the the raised oil prices due to the Iraqi invasion of Kuwait, the debt accumulated during the 1980's because of the reduced taxes and the constant borrowing of money, growing consumer pessimism, and Black Monday -
Recession ends
The 1990's recession basically fixes itself and ends -
Clinton is President
Bill Clinton beats George H.W. Bush in the presidential elections to become the President of the United States