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The Economy In the Seventies: Crisis Mode

The Economy In the Seventies: Crisis Mode. From Economic Dominance to…. Actually, it’s worse t han that…. Reductions i n dollars s pent on Research & Development. Women in the Workplace. Environmental Regulations. Automation & the Technological Revolution.

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The Economy In the Seventies: Crisis Mode

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  1. The Economy In the Seventies: Crisis Mode

  2. From Economic Dominance to…

  3. Actually, it’s worse than that…

  4. Reductions in dollars spent on Research & Development

  5. Women in the Workplace

  6. Environmental Regulations

  7. Automation & the Technological Revolution

  8. From Global Hegemony To A Global Economy Growth of world economy

  9. Shift To A Service Economy

  10. Vietnam v. The Great Society Guns

  11. Or butter?

  12. Or Broke?

  13. OIL SHOCKS • 1973 Yom Kippur War • 1979 Iranian Revolution

  14. Gas Prices • 1970 = $.33 • 1974 = $.55 • 1979 = $1.00

  15. Unemployment

  16. Inflation

  17. Mortgage Interest Rates

  18. Nixon Fights Back: But Keynesian Solutions Fail • Higher Taxes to Control Inflation • Higher Interest Rates to Control Inflation • Wage and Price Controls • Gas Rationing • Government Programs to Counter Unemployment

  19. Conservatives argue • Government interference • Social engineering Liberals argue • Tax policy favors the rich • Aid policies too limited

  20. Ford’s Whip Inflation Now Campaign Fails

  21. New York City Defaults

  22. Enter Carter • Inflation • Mortgage Interest Rates • Unemployment • Gas Prices • Auto Industry Tanks

  23. Inflation: 20%

  24. Mortgage Interest Rates: 21% • $150,000 Mortgage • 30 years • @ 4% • Monthly Payment: $716 • Total Cost of Home: $257,804 • $150,000 Mortgage • 30 years • @ 21% • Monthly Payment: $2,630 • Total Cost of Home: $946,836

  25. Unemployment: 10%

  26. Price of Gas Doubles

  27. The Rise of Japan & Germany U.S. Auto Industry Tanks

  28. California’s Proposition 13 1978 • Caps real estate tax @ 1% of property value • Requires 2/3 vote in both houses of the legislature for all new state, county, city, etc., taxes, including income taxes • Reduces property taxes by an average of 57%

  29. Carter to Nation: Turn Down the Thermostat & Put on a Sweater

  30. Carter Initiatives Nuclear Power Energy Department

  31. Three Mile Island http://www.youtube.com/watch?v=n-c1PrCLaRw

  32. “A Crisis of Confidence” http://www.youtube.com/watch?v=1IlRVy7oZ58

  33. Conservatives argue • Government interference • Tax stimulus needed Liberals argue • Cuts on services hurt the neediest • Aid policies too limited

  34. OIL SHOCK II • 1979 Iranian Hostage Crisis

  35. Carter’s Approval Rating Drops to 24%

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