The 1970s

The 1970s

Period: Jan 1, 1970 to Dec 31, 1979

200 Million People

Apr 1, 1970

Consensus counted over 200 million people in the United States.

Postal Service

Aug 12, 1970

The US Postal service is made independant.

1970 Economic Indicators

Dec 31, 1970

Inflation Rate = 5.7%
Nominal Household Income = $7,559
Inflation Adjusted Household Income = $46,089
GDP = $4.71T
Unemployment Rate = 3.90%
30 Year Mortgage Rate = 7.76%

Disney World

Oct 1, 1971

Walt Disney World opens in Orlando, Florida.

Microprocessor

Nov 15, 1971

Intel released a 4 bit 4004 microprocessor.

1971 Economic Indicators

Dec 31, 1971

Inflation Rate = 4.4%
Nominal Household Income = $7,805
Inflation Adjusted Household Income = $45,641
GDP = $4.91T
Unemployment Rate = 5.90%
30 Year Mortgage Rate = 7.76%

Watergate

Jun 17, 1972

The Watergate crisis begins.

Richard Nixon

Nov 7, 1972

Richard Nixon won the elections.

1972 Economic Indicators

Dec 31, 1972

Inflation Rate = 3.2%
Nominal Household Income = $8,424
Inflation Adjusted Household Income = $47,596
GDP = $5.25T
Unemployment Rate = 5.80%
30 Year Mortgage Rate = 7.38%

Stock Market Crash

Jan 11, 1973

The stock market begins to crash.

Arab Oil Embargo

Oct 19, 1973

The Arab Oil Embargo: Oil imports from Arab oil-producing nations are banned to the US.

1973 Economic Indicators

Dec 31, 1973

Inflation Rate = 6.2%
Nominal Household Income = $9,129
Inflation Adjusted Household Income = $48,557
GDP = $5.46T
Unemployment Rate = 4.90%
30 Year Mortgage Rate = 8.04%

Nixon Resigns

Aug 9, 1974

Richard Nixon resigns, Gerald R. Ford replaced him.

Crash Ends

Dec 6, 1974

The stock market crach ends.

1974 Economic Indicators

Dec 31, 1974

Inflation Rate =
Nominal Household Income = 11.0%
Inflation Adjusted Household Income = $9,780
GDP = $5.36T
Unemployment Rate = 5.10%
30 Year Mortgage Rate = 9.19%

Trans-Alaska Pipeline

Mar 9, 1975

The trans-Alaska pipeline starts to be built.

Jimmy Carter

Mar 30, 1975

Jimmy Carter opens his campaign for the 1976 presidential race.

1975 Economic Indicators

Dec 31, 1975

Inflation Rate = 9.1%
Nominal Household Income = $10,394
Inflation Adjusted Household Income = $45,788
GDP = $5.49T
Unemployment Rate = 8.10%
30 Year Mortgage Rate = 9.04%

Minority Job Seniority

Mar 24, 1976

The Supreme court rules that blacks and minorities are entitled to retroactive job seniority.

Carter is President

Nov 2, 1976

Jimmy Carter was elected president.

1976 Economic Indicators

Dec 31, 1976

Inflation Rate = 5.8%
Nominal Household Income = $11,172
Inflation Adjusted Household Income = $46,548
GDP = $5.73T
Unemployment Rate = 7.90%
30 Year Mortgage Rate = 8.87%

NYC Blackout

Jul 13, 1977

The New York City blackout results in massive looting and disorderly conduct.

Energy Department

Aug 4, 1977

The cabinet level Energy Department is created by Jimmy Carter.

1977 Economic Indicators

Dec 31, 1977

Inflation Rate = 6.5%
Nominal Household Income = $11,992
Inflation Adjusted Household Income = $46,842
GDP = $6.02T
Unemployment Rate = 7.50%
30 Year Mortgage Rate = 8.84%

Copyright Act

Jan 1, 1978

The 1976 Copyright Act takes effect.

Panama Canal

Apr 18, 1978

the US Senate votes to return the Panama Canal back to Panama.

1978 Economic Indicators

Dec 31, 1978

Inflation Rate = 7.6%
Nominal Household Income = $13,380
Inflation Adjusted Household Income = $48,655
GDP = $6.42T
Unemployment Rate = 6.40%
30 Year Mortgage Rate = 9.64%

Monetary Policy Goals

Oct 6, 1979

The Federal Reserve system changes its monetary policy goals from interest rate based to a money supply target orientation.

Chrysler Bailout

Nov 1, 1979

Chrysler bailout is approved by the Federal government.

1979 Economic Indicators

Dec 31, 1979

Inflation Rate = 11.3%
Nominal Household Income = $14,896
Inflation Adjusted Household Income = $48,520
GDP = $6.50T
Unemployment Rate = 5.90%
30 Year Mortgage Rate = 11.19%