The Good 'Ol Days Timeline

By ciarapate

  • Strikes

    12 day transit worker strike shuts down NYC subway
  • Period: to

    The Good 'Ol Days Time Period

  • Nationwide protests

    Nationwide protests against the Vietnam war are staged in San Fransico, Chicago, Boston, Philidelphia, and Washington

  • Minimum Raise

    Coverage of minimum wage extended 30percent to 41 million workers, raised from $1.25 to $1.40

  • Oil discovered

    Oil is discovered at Prudhoe Bay in Alaska's North Slope

  • Minimum Wage is raised

    Minimum wage is raised from $1.40 to $1.60

  • Martin Luther King Jr.

    Martin Luther King Jr. was assassinated in Memphis

  • New President

    Richard Nixon was elected as president

  • Inflation

    Inflation reaches 6.1 percent

  • New Economic Policy

    Nixon announces "New Economic Policy" including 90-day freeze on wages, prices, and rents. He also restricted gold out flows

  • Tax Cut

    President Nixon signs a $25 billion tax cut

  • Steel Producers limit exports

    Japanese and European steel producers promise to limit exports to the US voluntarily for the next two years

  • Devalued dollar

    Dolar is devalued by 10%

  • Minimum wage raised

    Minimum wage is raised from $1.60 to $2.20

  • Oil prices raise

    Arab oil-producing states substantially raise posted price of crude oil

  • New President

    Nixon resigns because of Watergate scadal and Ford becomes president

  • Bank Failure

    Franklin National Bank declares insolvent; largest bank failure in US history

  • Minimum wage raised

    Minimum wage raised from $2.00 to $2.10

  • Tax Reduction

    Ford proposes substantial tax reduction to stimulate spending

  • Tax Bill

    President Ford signs a $22.8 billion tax bill

  • Minimum Wage Raised

    Minimum wage raised from $2.10 to $2.30

  • Bank Failure

    American Bank & Trust company fails, the fourth largest banking default ever

  • Minimum wage raised

    Minimum wage raised to $3.35 per hour

  • Japan

    Japn agrees to some opening of its domestic market to US products