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Oil Crisis
Oil shortage throughout the nation. This caused gas prices to skyrocket. Picture courtesy of: http://elcoushistory.tripod.com/economics1970.html -
Paul Volcker becomes Federal Reserve Chairman
Volcker worked to stop inflation and get the economy back on track. Picture courtesy of: http://www.ny.frb.org/aboutthefed/PVolckerbio.html -
President Ronald Reagan is elected
Reagan established tax cuts and many other programs to try to help the economy. Picture courtesy of:
http://media.knoxnews.com/media/img/photos/2013/01/19/InaugurationMoments_6_t607.jpg -
The Nation's Deficit rises to $221,000 million
Reagan's high military spending leads to a skyrocketing deficit. Picture courtesy of:
http://governmentinfo.files.wordpress.com/2008/07/bush_deficit_graphic.gif -
Stock Market Crash
Picture courtesy of:
http://www.marketoracle.co.uk/images/Black_Monday_Dow_Jones.png -
The World Wide Web is available for public use.
After Tim Berners-Lee's invention opens up to the public, many people bought computers and the technology economy rose. Picture courtesy of:
http://cdn.tutsplus.com/net.tutsplus.com/authors/jeremymcpeak/http2-http.jpg -
President Bill Clinton is sworn into office
Clinton raised taxes on the rich and tried to get the US economy on track by taming inflation and trading with more markets. Picture courtesy of:
http://amhistory.si.edu/img/firstladies/MG41-800.jpg -
The Attack on the Twin Towers
This terrorist attack disrupted US financial markets. The government lowered interest rates and loaned money to financial institutions to provide economic stability. Picture courtesy of:
http://4.bp.blogspot.com/-ucL9DxqNyA4/TslqZubyiRI/AAAAAAAAADg/eeTzhqkxsJs/s400/statute-of-liberty-911.jpg -
Start of a Recession
The recession was caused by a downturn of the housing market. It was one of the longest downturns since The Depression of the 1930s. Picture courtesy of:
http://www.inkcinct.com.au/web-pages/cartoons/past/2008/2008-617--recession-monster-at-bay.gif -
Fiscal Cliff
All of Bush's tax cuts are no longer in effect unless renewed. The avoidance of the Fiscal Cliff also allows for an increase in the nation's deficit. The Fiscal Cliff also cut funds to the national defense and Medicare. Picture Courtesy of:
http://under30ceo.com/wp-content/uploads/2012/12/Fiscal-Cliff.jpg
