Good Ole Days-1970s

By moorebra24
  • Period: to

    1970s Good Ole Days!

  • Inflation

    Inflation

    Inflation reaches 6.1 percent, the highest rate since the Korean War (1950-53)
  • Unemployment Rates

    Unemployment Rates

    The federal government announces that unemployment has risen to 5.8 percent. In response, officials reduce interest rates.

  • End of Trade

    President Richard M. Nixon ends a twenty-year trade embargo against Communist China.

  • Tax Cut

    President Richard M. Nixon signs a $25-billion tax cut.

  • Price Control

    President Richard M. Nixon's authority to impose wage and price controls on the American economy ends with the expiration of the 1970 Economic Wage Stabilization Act.

  • Unemployment Rate Rises Again

    The federal government reports January unemployment at 8.2 percent, the highest level since 1941.

  • Bank Fail

    American Bank and Trust Company fails, the fourth largest banking default in history.

  • Deficit

    The United States posts the highest trade deficit in history: $31.1 billion.

  • Female Civil Rights Settlement

    Three hundred American Airlines female flight attendants, fired for becoming pregnant between 1965 and 1970, receive a $2.7-million civil rights settlement.