-
Banking industry deregulated
- March The banking industry is deregulated. President Jimmy Carter signed the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) into law.
-
Motor Carrier Act
- The act substantially reduced Government control of the trucking industry, making it easier for new carriers to enter the industry, eliminating certain restrictions placed on regulated carriers, and encouraging greater price competition among carriers
-
Period: to
Good Ol Days
The U.S. economy experienced significant unpredictability and shifts in the 1980s. starting with a deep recession in the early years and then a period of growth and prosperity During the 1980s the "traditional" two-parent family with children remained a common arrangement, divorce rates were rising and the number of children living in single-parent households was increasing -
U.S. poverty rate is reported at 14%
In 1982, poverty rose to 14% due to a recession caused by high interest rates and reduced social spending. Families faced job loss and hardship. The government later eased rates and boosted spending to aid recovery. -
U.S. Poverty rate is at 14%
In 1982, poverty rose to 14% due to a recession caused by high interest rates and reduced social spending. Families faced job loss and hardship. The government later eased rates and boosted spending to aid recovery. -
43,000 farms go bankrupt as land prices fall and interest rates soar.
In 1985, 43,000 farm bankruptcies hurt American families by causing job losses, home foreclosures, and emotional stress. The government worsened the crisis with high interest rates but later helped through loan programs and the Farm Credit Act. -
U.S. Department of Commerce announces that the United States has become a debtor nation for the first time since 1914.
Signaled a fundamental shift in America’s economic position and had real consequences for American families—higher living costs, job losses, and long-term financial uncertainty. The government's prior economic policies (tax cuts, high defense spending, strong dollar) contributed to the issue, and its response involved major currency negotiations and changes in monetary policy. -
The total value of farmland in the United States drops to $392 billion, approximately half its estimated value in 1980.
Toward the end of the ’80s, farmers produced a massive crop just in time for a global economic slowdown. Prices crashed, and farmers were left with production losses and less able to use credit because of low income, lower land values and high interest costs -
December The U.S. international debt reaches $368 billion.
deficit, reached $368 billion in 1987. It stood at about $440 billion at the end of June and appears likely to reach $500 billion by the end -
October 31 The first increase in the minimum wage since 1981 is announced. The wage is to rise from $3.35 per hour to $3.80 beginning April 1, 1990.
The government responded to the economic conditions by acting to raise the minimum wage, acknowledging the struggles of working-class families in a rapidly changing economy. This wage increase was part of a broader effort to address the increasing economic divide in the 1980s, even though it did not resolve all the underlying economic disparities. For many families, it provided a modest but important relief, enabling them to better meet basic needs and maintain a degree of financial stability.