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Period: to
Economic Changes
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Oil Shocks
Members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo was a response to American involvement in the 1973 Yom Kippur War. -
Economic Recovery Tax Act of 1981
A part of the Reagan's reaganomics, it was a plan to reduce taxes and budgets. The tax cuts were created to promote innovation and entrepreneurship such as the software industry. Many economists say that the Act benefited the wealthy and increased the gap between the wealthy and poor. -
Introduction of the Internet
As the Internet’s evolution over the past two decades has demonstrated, such work must include helping to nurture the development of a healthy Internet ecosystem, one that boosts infrastructure and access, builds a competitive environment that benefits users and lets innovators and entrepreneurs thrive, and nurtures human capital. The Internet accounted for 21 percent of the GDP growth in mature economies over the past 5 years. -
Tax Reform Act of 1986
Passed by Reagan, it taxed corporations more and individuals less. Any individual that had a low income may be exmepted from federal income taxes. Reagan passed this act to change how the economy was going combined with the Economic Recovery Tax Act of 1981. -
North American Free Trade Agreement
Clinton wanted to reduce tariff barriers worldwide. NAFTA created an economic foundation for the North American countries of Canada, the United States, and Mexico. It benefited families, farmers, workers, manufacturers, and consumers. The economy at the time was slowly getting back to normal. Unemployment fell and inflation was at 1%. -
Post 9/11 Recession
Post-9/11 Recession from 2001 to 2002. Continuing stagnation in US and global monthly jobs growth afterwards. The government spent money on the War on Terror. The stock market closed for four trading days directly after the attack on the World Trade Center. -
Global FInancial Crisis
Banks had to be bailed out by governments, but this did not prevent world stocks to plummet. The bursting of the U.S. housing bubble, which peaked in 2004, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally. -
American Recovery and Reinvestment Act of 2009
Unemployment was steadily increasing. The Dow Jones fell below 6,600 points. The act was created to jumpstart the economy or else it could've fallen back to a recession. It was a plan to create more jobs and focus on problems that have been pushed away for a long time. -
Affordable Care Act
Gave Americans better health care coverage. The cost of health care was increasing significantly to the point where many Americans would receive huge bills from being treated for an illness. The price for the technology improvements also increased the price. The act also added on to the deficit that the United States still had. -
Raising the Minimum Wage
The fight to increase minimum wage is still in action and has a long way to go. With the increase in the cost of living, many are polling for the increase of minimum wage from $8.10 to around $15. Some cities, such as New York, are taking the battle into their own hands and increasing wages. President Obama is for the raising of wages and addressed the issue to Congress.
