1980 - 1992 "The Good ol' Days" Project 7

  • Period: to

    1980 -1992

    Project 7: Business Economics
    McCade Crawford
    Roy Flores
    Raul Marquez
    Alyssa Nikoley
  • President Jimmy Carter announces the embargo on sale of grain and high technology to the Soviet Union due to the Soviet invasion of Afghanistan.

    President Jimmy Carter announces the embargo on sale of grain and high technology to the Soviet Union due to the Soviet invasion of Afghanistan.
  • The Mt. St. Helens volcano erupts, killing fifty-seven people and economic devastation to the area with losses near $3 billion.

    The Mt. St. Helens volcano erupts, killing fifty-seven people and economic devastation to the area with losses near $3 billion.
    The Mt. St. Helens volcano erupts, killing fifty-seven people and economic devastation to the area with losses near $3 billion.
  • Ronald Reagan is elected. His election lead to a the development of a new set of economic ideals.

    Ronald Reagan is elected. His election lead to a the development of a new set of economic ideals.
  • The Space Shuttle from the Kennedy Space Center is launched as Columbia begins its STS-1 mission.

  • Tax cut proposed by President Ronald Reagan is passed by both houses of the U.S. Congress. It would reduce taxes by $750 billion over the next five years.

  • IBM introduced the IBM-PC personal computer, the IBM 5150. It sold for $1,565 in 1981.

  • The AT&T lawsuit was settled with the U.S. Justice Department. The agreement forced the independence of the Bell System companies for expansion into the areas of data processing and equipment sales records.

  • The highest unemployment rate since 1940 was recorded at 10.4%.

  • The initial proposal to develop technology to intercept incoming missiles, the Strategic Defense Initiative Program, or Star Wars, is made by President Ronald Reagan.

  • President Reagan signs legislation meant to rescue the Social Security System from bankruptcy.

  • Astronaut Sally Ride becomes the first American woman to travel into space.

  • A terrorist truck bomb kills two hundred and forty-one United States peacekeeping troops in Lebanon at Beirut International Airport.

  • The United States invasion of Grenada occurs at the request of the Organization of Eastern Caribbean States to depose the Marxist regime.

  • The Louisiana World Exposition of 1984 opens along the Mississippi River waterfront in New Orleans. The event, the last world's fair held in the United States, was plagued with financial trouble, and drew significantly fewer visitors than predicted over

  • Democratic candidate for President, Walter Mondale, selects Geraldine Ferraro as his Vice Presidential running mate, the first woman chosen for that position.

  • The opening ceremony of the Los Angeles Olympic Games is held. The games run by Peter Ueberroth, prove a financial and U.S. success, despite a retaliatory boycott by most allies of the Soviet Union due to the U.S. boycott of the 1980 Moscow games.

  • President Ronald Reagan wins reelection over Democratic challenger Walter F. Mondale, increasing his Electoral College victory since the 1980 election to a margin of 525 to 13.

  • The first meeting in six years between the leaders of the Soviet Union and the United States occurs when Mikhail Gorbachev and Ronald Reagan engage in a five hour summit conference in Geneva, Switzerland.

  • General Electric Corporation agrees to buy RCA Corporation for $6.28 billion in the largest corporate merger ever outside the oil industry.

  • A tentative agreement on a world-wide ban on medium-range missiles is reached between the Soviet Union and the United States. This agreement would not be expanded to include long-range missiles when President Reagan refused capitulation to the demand fro

  • The first reporting of the Iran-Contra affair, diverting money from arm sales to Iran to fund Nicaraguan contra rebels, begins the largest crisis in the Reagan tenure.

  • Near the end of hearings into the Iran-contra affair, President Reagan admitted to a policy that went astray, but denied knowledge of the diversion of funds to the contras.

  • The stock market crash known as Black Monday occurred on the New York Stock Exchange, recording a record 22.6% drop in one day. Stock markets around the world would mirror the crash with drops of their own.

  • The United States House of Representatives rejects the request of President Reagan for $36.25 million to fund the Nicaraguan Contras.

  • Economic reports on the previous year from the Labor Department indicated a growth rate of 3.8%, the largest in four years and an unemployment rate of 5.3%, a low of fourteen years.

  • The Exxon Valdez crashed into Bligh Reef in Alaska's Prince William Sound, causing the largest oil spill in American history, eleven million gallons, which extended forty-five miles.

  • The Savings and Loan Bailout was approved by Congress and signed into law by President George Herbert Walker Bush. The total cost of the bill would approach $400 billion over thirty years to close and merge insolvent Savings & Loans.

  • The Central Committee of the Soviet Communist Party gives up its monopoly of power, continuing the trend, since the beginning of the Berlin Wall coming down, that the Cold War was about to end. The ending of the Cold War was completed, in many ways, by t

  • The Hubble Telescope is placed into orbit by the United States Space Shuttle Discovery. One month later, the telescope becomes operational.

  • U.S. President George H.W. Bush and his Soviet counterpart, Mikhail Gorbachev sign a treaty to eliminate chemical weapon production and begin the destruction of each nation's current inventory.

  • Iraq invades its neighbor, Kuwait, setting into motion the beginning of U.S. involvement in the Gulf War. Four days later, the United Nations begins a global trade embargo against Iraq. On November 29, the United Nations passes a resolution, #678, stati

  • The 1990 census in conducted, counting 248,718,301, for an increase of 9.8% over the 1980 census. This is the smallest increase in the population rate since 1940. The geographic center of the United States population is now ten miles southeast of Steelv

  • The United Nations Security Council unanimously votes to adopt Resolution 721, which would lead the way to establishing peacekeeping forces in Yugoslavia. Three months later, another resolution would approve a peacekeeping force be sent.

  • The 27th Amendment to the Constitution is passed two hundred and two years after its initial proposal. It bars the United States Congress from giving itself a midterm or retroactive pay raise. This amendment had been originally proposed By James Madison

  • In a three way race for the presidency of the United States, Democratic candidate Bill Clinton defeats incumbant President George H.W. Bush and businessman H. Ross Perot of the Reform Party. Many trace the loss of President Bush to his reneging a pledge f