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Inflation is Increasing
Inflation reaches 6.1 percent, the highest rate since the Korean War -
Postal Worker's Strike
The first major postal workers' strike begins in American history and ends after seven days. -
Unleaded Gas Mandate
The federal government mandates the use of unleaded gasoline in federal vehicles. -
Unemployment Has Risen
The federal government announces that unemployment has risen to 5.8 percent. In response, they reduce interest rates. -
Time Magazine Discrimination
Time magazine reaches an agreement regarding job discrimination with 140 female employees. -
Time Magazine Discrimination
Time magazine reaches an agreement regarding job discrimination with 140 female employees. -
Discriminating Job Tests
The U.S. Supreme Court prohibits employers from using job tests that discriminate against African Americans. -
President Nixon Ends Trade Embargo
President Richard M. Nixon ends a twenty-year trade embargo against Communist China. -
Walt Disney World Opened
The company needed space that they lacked in California, so they bought 28,000 acres of land in Orlando, FL. -
Tax Cut
President Richard M. Nixon signs a $25-billion tax cut. -
Banning Trans-Alaska Pipeline
U.S. federal court lifts an April 1970 injunction banning the construction of the Trans-Alaska Pipeline. -
Presidential Election
Richard Nixon (Republican) defeated George McGovern (Democrat) -
PepsiCo Expands Their Selling Range
PepsiCo announces a deal to sell its products in the Soviet Union. -
President Nixon Ends Mandatory Wage and Price Controls
The Nixon administration ends mandatory wage and price controls, except in the food, construction, and healthcare industries. -
Delta Air Lines Employment
A court order directs Delta Air Lines to open more positions to women and African Americans. -
Oil Embargo
Following the beginning of the war between Israel and several Arab states, the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. -
Change Interstate Speed Limits to Conserve Gas
To conserve gasoline and improve safety, the U.S. Congress orders states to reduce interstate highway speed limits to 55 miles per hour. -
End of Oil Embargo in the West
OPEC members, except for Lybia and Siberia, end their oil embargo of the West. -
President Nixon's Control on Wages and Price Controls
President Richard M. Nixon's authority to impose wage and price controls on the American economy ends with the expiration of the 1970 Economic Wage Stabilization Act. -
President Ford Announces Program called Whip Inflation Now (WIN)
President Ford denied it but Federal Reserve Chairman Arthur Burns states a recession has begun. -
High Unemployment Rates
The federal government reports January unemployment at 8.2 percent, the highest level since 1941. -
Vietnam War Ends
The U.S.'s involvement in the war ended after about 20 years. The last members of the American Military escaped in a helicopter. -
Presidential Election
Jimmy Carter defeated Gerald Ford -
U.S. Companies Admit to Offering Bribes
Over 175 U.S. companies admitted to offering over $300 million in bribes since 1970. -
$2.7 Million Civil Rights Settlement
300 American Airlines female flight attendants, fired for becoming pregnant between 1965 and 1970, receive a $2.7-million civil rights settlement. -
Coal Miners' Strike
110-day coal miners' strike, the longest in U.S. history, ends with the signing of a new three-year contract. -
Chrysler Corporation Requests a Federal Loan
The Chrysler Corporation, the third-largest automaker in the United States, requests a $1-billion federal loan to prevent bankruptcy. On November 1, the federal government guarantees a $1.5-billion loan to Chrysler. -
Recession Has Begun
One of the causes was the Iranian Revolution of 1979. This was one of the most significant recessions since the Great Depression