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Economy History of the U.S.
- The U.S. became the United States of America.
- The Declaration of Independence, adopted by the Continental Congress on 4 July 1776, was a political act signalling that American nationhood was coming into its own.
- Washington Crossing Historic Park preserves and interprets for citizens and visitors the site at which General George Washington planned and executed his daring crossing of the Delaware River on December 25, 1776.
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United States Economy
- The Second Opium War ends. China is forced to pay Britain and France indemnities and to open more ports. The opium trade is legalized.
- In Vietnam, a French and Spanish expedition seizes the port city of Tourane. The French are interested in ending Vietnamese persecution of Christian missionaries and in trade with Indochina.
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Panic of 1907
- 8% of U.S. households are wired for electricity.
- Oklahoma becomes a state.
- New Zealand is no longer a colony. It joins Britain's Commonwealth, equal in status to Canada and Australia.
- An economic recession begin in the U.S., with stocks losing nearly 50 percent of their value from the previous year. It is to be called the Panic of 1907, also the 1907 Bankers' Panic.
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The Great Depression
- On October 29th, 1929, on a day now referred to as "Black Tuesday," the market dropped 12.8%, marking the beginning of Great Depression.
- The Great Depression occured in part because of the trend in the 1920s, of buying stock "on-margin," in which people bought stock with borrowed money. *
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Economy of the U.S.
- Jan 11-The Soviet Army enters Warsaw.
- Jan 12-The Soviet Army resumes its offensive -- 180 divisions against 75 German divisions.
- Feb 3-The U.S. Army is converging on Manila from three directions and has pushed into the northern outskirts of the city
- Mar 23-U.S., British and Canadian forces have crossed the Rhine River.
- Apr 25-US and Soviet troops meet at the Elbe River.
- Aug 9 The United States drops its second demonstration bomb, on Nagasaki.
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U.S. Economy
- Jun 1-The United States tests a 20-kiloton atomic bomb near Bikini Atoll in the Marshall Islands.
- Nov 5-In the United States, meat shortages, economic difficulties and labor unrest help the Republican Party win majorities in the Senate and the House and for the first time since 1930.
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U.S. Economy
- Jan 17-A U.S. military unit has been in China to disarm the Japanese.
- Feb 17-The U.S. begins Voice of America radio transmissions into the Soviet Union, viewed by Russians as hostility.
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U.S. Economy
- Apr 7-The United Nations establishes the World Health Organization.
- Jul 20-The U.S. federal government indicts each of the twelve members of the governing board of the Communist Party USA, charging them with advocating "destruction of the government of the United States by force and violence.
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U.S. Economy
- Jun 11-The United States Congress has passed the McCarran-Walter Immigration and Naturalization Act.
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U.S. Economy
- Mar 11-In the United States, a B-47 bomber accidentally drops an atom bomb on Mars Bluff, South Carolina. The bomb was not prepared for detonation.
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U.S. Economy
- Feb 12-President Eisenhower sends the first U.S. military advisors to South Vietnam, to train an army under Ngo Dinh Diem.
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U.S. Economy
- Feb 11-In the United States, Ruth Carol Taylor is the first black hired as a flight attendant.
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U.S. Economy
- Dec 1-Twelve countries, including the United States and the Soviet Union, sign a treaty that makes Antarctica a scientific preserve and bans military activity -- the first arms control agreement since the beginning of the Cold War.
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U.S. Economy
- Oct 11-The U.S. has 16,300 members of the military in Vietnam, increased from 800 by President Kennedy. Kennedy issues an order for the withdrawal from Vietnam of 1,000 military personnel by the end of 1963.
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U.S. Economy
- Jan 10-In the U.S., a duly elected young black, Julian Bond, is denied his seat in Georgia's legislature because of his opposition to the war in Vietnam
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U.S. Economy
- Feb 13-The U.S. dollar is devalued 10 percent against nearly all major currencies. U.S. citizens must now pay more for goods with foreign components, and travel abroad will be more expensive.
- Feb 13-The U.S. dollar is devalued 10 percent against nearly all major currencies. U.S. citizens must now pay more for goods with foreign components, and travel abroad will be more expensive.
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U.S. Economy
- Jun 6-In California a tax revolt led by Howard Jarvis results in voter approval of a ballot initiative, Proposition 13, which cuts property taxes nearly 60 percent.
- Nov 7-In the U.S., Republicans gain 15 seats in the House of Representatives and the Democrats maintain a 277-158 majority. The Republicans gain three seats in the Senate, where the Democrats remain a majority
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U.S. Economy
- Oct 22-The U.S. Congress passes the Tax Reform Act of 1986, designed to simplify the income tax code, broaden the tax base and eliminate many tax shelters and other preferences.
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U.S. Economy
- Sep 28-In the U.S. on the steps of the capital building, with flags waving and a band playing, Republican candidates for the upcoming congressional elections, including all but two incumbents, file past a table and sign a "Contract with America," a creation led by Newt Gingrich and the conservative think tank, the Heritage Foundation.
- Nov 8-In the U.S., elections give Republicans control of both the House of Representatives and the Senate for the first time in 40 years.
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U.S. Economy
- Apr 5-The U.S. House of Representatives votes 246-188 to cut taxes for individuals and corporations.
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U.S. Economy
- Mar 26-U.S. Secretary of State Madeleine Albright says that even if Iraq complies with its "obligations concerning weapons of mass destruction," sanctions will not be lifted unless Iraq proves its peaceful intentions by "complying with all of the Security Council resolutions to which it is subjected."
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U.S. Economy
- Sep 11-In the U.S. nothing has been done to increase airport security. Hijackers have no trouble boarding commercial airlines. They turn the aircraft into missiles. Still without adequate radios, more than 200 firefighters in the north tower do not received an evacuation call. Almost 3000 are killed in New York City. At the Pentagon, 184 are killed.
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U.S. Economy
- Aug 3-President Bush signs into law a bill that authorizes the use of military force to liberate any U.S. citizen or citizen of a U.S. ally being held by the International Criminal Court (ICC), and it "provides for the withdrawal of U.S. military assistance from countries ratifying the ICC treaty."
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U.S. Economy
- Mar 28-President Bush signs into law his tax plan designed to reduce taxes and stimulate economic growth.
- Jul 17-U.S. combat deaths in Iraq reach 147.
- Oct 7-Californians elect Arnold Schwarzenegger governor.
- Nov 30-For U.S. soldiers in Iraq, November has been the worst month: seventy-five have died.
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U.S. Economy
- Dec 17-The United Nations Food and Agricultural Organization warns that a 40 percent rise in food prices in the past year is creating a crisis in poorer countries. The rising prices are attributed to climate change, rising oil prices and demand for bio-fuels.
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U.S. Economy
- Jan 22-In the United States, a credit crisis and expectations of a decline in economic activity send stocks plummeting worldwide -- the rush to sell stocks the result of fears that the value of their stocks will not grow or will decline in the near future.
- Jun 4-In California, developers are unable to satisfy state law requiring long-term water supplies.
- Aug 7-USA Today and others report that scientists confirm the link between global warming and more powerful rainstorms.
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U.S. Economy
- Nov 3-In the last day of the campaign, candidate Obama continues to associate McCain's economic philosophy with that of President Bush. McCain continues to describe himself as the wealth creator and Obama as the wealth destroyer.
- Nov 4-Obama wins and speaks of working together with Republicans to solve the nation's problems.
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U.S. Economy
- Jul 28 In California, Governor Schwarzenegger uses the line item veto in signing the budget bill and closing state's budget deficit.
