-
Period: to
Cold War
Cold war between Soviet Union and United States cause competition and hostility between the two countries and cause militarization of both countries with developing of nuclear weapons. -
Average Yearly Income for 1958
The average yearly income for 1958 was about $4,600, compared to today's average of about $52,000. There has been a large amount of economic growth since then. -
Egypt and Syria Union
Egypt and Syria formed a short-lived political union called the United Arab Republic. During this treaty, there was no political turmoil in the Middle East and therefore the cost of oil would not rise exponentially. -
GDP
The real GDP of 1959 was $3.013 trillion with a growth rate from the year before at 6.9%. The average GDP growth rate was 5.63%, and at the end of the time span in 1973, the real GDP was $5.424 trillion. Other than the recession of 1970, the GDP was good throughout these years. The real GDP in 2016 is $16.716 trillion, up 1.5% from 2015. -
Castro becomes Prime Minister
Fidel Castro, the infamous dictator of Cuba, gained power. This was a major shock to all of the world, since Cuba was now becoming unpredictable. People were afraid to invest in the economy because of the instability, and the economy fell a little bit. -
JFK wins presidential election
John F. Kennedy wins the presidential election. As it comes with any new president, there was a scene of economic pause because people did not know how the stock market would react in accordance to JFK. -
Period: to
Vietnam War
War fought in Laos, Vietnam, and Cambodia. We began going into wartime economy, where people were sent off into the war and we needed to pay taxes for the food, the supplies, and all the other miscellaneous items. -
Cuban Missile Crisis
Political and military standoff for a tense 13 days. In October, there was a standoff pertaining to the nuclear-armed Soviet-Union missiles. Since this was a tense time, people would be afraid to invest in the economy, and eventually leading to a weaker economy. -
Equal Pay Act
Women and men are now granted equal pay which is still a topic of controversy. Before this act, women could receive significantly less pay because they were thought to be significantly inferior. After this act, more money was put into the hands of women, so they could could invest it or buy more products. -
JFK assassination
John Fitzgerald Kennedy was assassinated in his car. People were afraid of the economic instability of the new president, so people were more likely to hold-off for investing. -
Lyndon Johnson took over after JFK
he had the view of creating a "great society", in the process federal spending increased a lot. it increased due to the creation of new programs such as medicare, food stamps and numerous educational programs. -
Economic Opportunity Act
Allowed formation of local community action agencies to help the poor as part of the war on poverty. The goals were to eliminate poverty, expand educational opportunities, increase safety of poor, and better healthcare for the elderly. -
North Vietnamese TET Offensive
North Vietnamese offensive during Vietnam war. When this happened people started to believe that the war was unwinnable, causing people to protest the war. -
Assasination of Martin Luther K. Jr
Martin Luther King Jr, a prominent social reformer, was assassinated. His assassination sparked fear among the country, and therefore it was likely that people were afraid to invest and stimulate the economy -
Period: to
recesion of 1969 to 1970
the GDP decreased zero point six percent which scared a lot of businesses and the government. It resulted from the end of high inflation rate. Which confused people and scared them. -
Richard Nixon Takes Office
With a new president, came a pause in economics and a GDP recession which went back up the year after. -
Apollo 11
The first men walked on the moon in the Apollo 11 space mission. After this, people down in the USA became confident in their investments and confident in their buying power.