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By 1968, the war was costing the United States $3 billion dollars a month, and the federal budget skyrocketed to $179 billion.
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The inflation started during this time when Richard NIxon won the election and decided to keep funding for the war in vietnam and social welfare spending.
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President Richard Nixon turned the American dollar to fiat money, which had no physical appearance. Therefore leaving the dollar as devalued by many foreigners such as Arab oil barons. This also led to the risk of hyperinflation...
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OPEC declared an oil embargo on U.S and any other countries that were supporting the Isreali military. This made the U.S feel heavily dependent on Middle-Eastern oil. This image refers toward how Americans were affected after the Oil embargo on the U.S.
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Inflation percentage after the first oil embrago rose by 12 percent.
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After winning the election, President Carter battled the continuing economic woes of inflation and unemployment. However others thought not so alike, according to an on the issues article, "He had severely criticized former President Ford for his failures to control inflation and relieve unemployment, but after four years of the Carter presidency, both inflation and unemployment were considerably worse than at the time of his inauguration." This shows that inflation was still a problem.
