Team Economic Timeline

By lewishay000
  • Period: to

    1956-1975 timespan

  • Federal Highway Act of 1965

    President Dwight D. Howard singed a law into power. This law allowed the creation of a interstate system and construction over 41,000 miles of highway throughout the United States.

  • The Release of the 1st Computer and Drive

    IBM releases the first computer

  • Increased Living

    The increase of living standards and the focus on education helped to fuel the increase in college education

  • Bolivia Inflation

    Bolivia had been suffering from inflation. So the United States helped them with financial help or aid to Bolivia which was higher than any other country

  • Cost of Living

    How Much things cost in 1957
    Yearly Inflation Rate USA 3.34%
    Yearly Inflation Rate UK 3.3%
    Average Cost of new house $12,220.00
    Average Monthly Rent $90.00
    Average Yearly Wages $4.550.00
    Cost of a gallon of Gas 24 cents
    Bacon per pound 60 cents
    Eggs per dozen 28 cents

  • The Recession of 1958

    This was caused by a drop in food orders not carried out by goods and declining demand for raw goods or materials. The recession of 1958 forced over 5 million people and about 7 percent of the labor force out of work.

  • VISA Card

    In the year of 1958, the first ever VISA and American Express cards were released. This is part of the economy because it can produce GDP and people can buy goods easier.

  • Cost of Living

    House= $30,000
    Average Income= $4,600
    Ford Car= $1967-$3929
    Milk= $1.01
    Gas= 24 cents

  • Unemployment

    United states unemployment reached 1.4 million people

  • Housing and Computers

    In the 1960's, the housing and computer industry overpowered automobiles, chemicals, and electricity powered consumer durables, which were leading industries.

  • Joint Workers

    On June 6th, 1961, joint workers party up to set up by employers and unions to study ways of de-causualising dock labor.

  • Largest industrial corporations

    In 1962, the 5 largest industrial corporations accounted for over 12 percent of all assets in manufacturing.

  • War on Poverty

    On March 16th, 1964, President Johnson submitted a plan for his "War on Poverty" initiatives to congress. The proposal helped establish federal programs that are still in use today.

  • The Crash of 1966

    The crash of 1966 had came after about 2 decades of an uninterrupted economic growth and stock market gains following World War 2. As Vietnam and Johnson's Great Society social programs began to push government spending, the Federal Reserve responded by tightening credit conditions in early 1966.

  • Mississippi Tornado Outbreak

    On May 15th 1968, there was a significant and deadly tornado outbreak. The states had been affected include Arkansas, Illinois, Indiana, Iowa, Kansas, Mississippi, etc. The outbreak caused almost 40 tornadoes (39 to be exact) and also produced 2 F5 tornadoes and caused 72 fatalities and over 1,200 injuries, and lots of dollars in damage.

  • Gold World Record

    On January 31st, 1974, gold had hit a world price record of $19.50 per ounce.

  • Minimum Wage Rise

    The Federal Hourly Minimum Wage rose to $2.10 an hour.