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Transcript

Economic Issues (The 70's)

Wheels and Steel

The Stagflation Dilemma

Key Terms

  • Inflation
  • Stagnant Economy (decrease in production...why)
  • Stagflation
  • Embargo
  • Recession

  • People in America had enjoyed an increasing standard of living…since 1945
  • Unusual time when production is slowing and prices are rising
  • FED wants these two on the same track
  • What is the FED?
  • Japanese and West German Manufacturing was making higher quality goods…for the same price
  • Inflation caused the dollar to drop in value, went from 3 to 11% in only a year

  • Huge effect on US auto manufacturing
  • Public chose to NOT buy the Detroit gas-guzzlers
  • The Steel industry could no longer compete
  • US Steel in world market dropped from 37%-14% in only a few years
  • No steel=no US car manufacturing
  • Turned to Congress to impose quotas…refused

2000

2005

1995

2010

1990

Energy Crisis is Born

Ford Pardons Nixon

  • The rising price of oil drove inflation for the entire country…why?
  • The US economic machine was consuming gas at astronomical rates
  • OPEC: Org. of Petroleum Exporting Countries: set common prices, quotas and price ceilings
  • Yom Kippur War (Israel v. Egypt and Syria) in 73 caused Saudi Arabia and others imposed an embargo of oil to all of Israel’s allies
  • War ended in only a year but the effects lasted until the end of the decade

  • America is injured…Vietnam, Watergate
  • Less than a month from resignation…Ford Pardons Nixon
  • Attempt to heal the country
  • America didn’t approve
  • Ford was in through appointment rather than election
  • Later would receive the 2001 courage award from the JFK Lib. Foundation.

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