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Minimum Wage Increases
Minimum wage is increased from 75 cents to $1 per hour. -
Rosa Parks Incites Montgomery Bus Boycott
This was the first example of the economic clout that the community had because eventually, the bus company had to desegregate their buses or face serious financial difficulties as very many black Americans used the buses. Without their economic input via fares, the bus company of Montgomery faced probable bankruptcy. -
Russians Launch Sputnik; "Space Race" Begins
Sputnik was the first artificial Earth satellite. This affected the U.S. economy because there was a new emphasis on science and technology in American schools. -
Cuban Revolution
During the Cuban Revolution it transformed the relationship between Cuba and the United States. Castro took over Cuba and from that the U.S. lost trade with them. -
Stock Market
The stock market was falling and unemployment still hovered at 7%. This showed instability in America’s economy. It was thought that there was a rapid growth of loans and bank credit. -
The Great Inflation
The great inflation begins - a period of time in which that the inflation is unusually high. The rise of inflation is what allowed for an excessive growth in the supply of money. -
Martin Luther King Jr. Assassination
Martin Luther King Jr. was always working to form a coalition of poor Americans–black and white alike–to address such issues as poverty and unemployment. Ames Earl Ray ended up shooting Martin Luther King Jr. This was important because many blacks saw King’s assassination as a rejection of their vigorous pursuit of equality through the nonviolent resistance he had championed. -
26th Amendment
The 26th Amendment is ratified, allowing 18-year-olds to vote. Not all people believed that this amendment had a positive effect on our nation. In fact, some people thought (and still think) that it is to blame for major governmental and economic collapses due to the under-educated voting.
