The 1960s

The 1960s

Period: Jan 1, 1960 to Dec 31, 1969

JFK Wins Presidency

Nov 8, 1960

Democratic candidate John F. Kennedy is elected president of the United States. His margin of victory over Republican candidate Richard M. Nixon is just over 100,000 votes. Kennedy wins 300 Electoral College votes to Nixon’s 219.

1960 Economic indicators

Dec 31, 1960

Inflation Rate = 1.7%
Nominal Household Income = $5,000
Inflation Adjusted Income = $33,000
GDP = $3.08T
Unemployment Rate = 5.20%
30 Year Mortgage Rate = 5.89%

massive population increase

Dec 31, 1960

A U.S population of 179,323,175 first time New York and California have over 15 million people within their borders

Federal Protection for Freedom Riders

May 31, 1961

President John F. Kennedy orders U.S. Marshals to provide protection for “Freedom Riders” attempting to integrate interstate bus travel.

1961 Economic Indicator

Dec 31, 1961

Inflation Rate = 1.0%
Nominal Household Income = $6,000
Inflation Adjusted Income = $33,000
GDP = $3.28T
Unemployment Rate = 6.60%
30 Year Mortgage Rate = 5.99%

1962 Economic idicators

Dec 31, 1962

Inflation Rate = 1.0%
Nominal Household Income = $34,000
Inflation Adjusted Income = $34,500
GDP = $3.42T
Unemployment Rate = 5.58%
30 Year Mortgage Rate = 5.87%

JFK Proposes Big Tax Cuts

Dec 31, 1962

n a speech before the Economic Club of New York, President John Kennedy unveils a plan for economic recovery that emphasizes large tax cuts and credits for businesses. These proposals will become part of the Tax Reduction Act signed into law in 1964.

Kennedy Assassination

Nov 22, 1963

President John F. Kennedy is assassinated in Dallas, Texas. Vice President Lyndon Baines Johnson is sworn in as president the same day.

1963 Economic Indicator

Dec 31, 1963

Inflation Rate = 1.3%
Nominal Household Income = $6,500
Inflation Adjusted Income = $35.000
GDP = $3.60T
Unemployment Rate = 5.70%
30 Year Mortgage Rate = 5.83%

Johnson Slashes Taxes

Feb 26, 1964

President Lyndon Johnson signs the Tax Reduction Act lowering income tax rates from a range of 20-91% to 14-70%. Corporate rates are reduced from 52% to 48%.

1964 Econmic Indicators

Dec 31, 1964

Inflation Rate = 1.3%
Nominal Household Income = $6,000
Inflation Adjusted Income = $35,000
GDP = $3.78T
Unemployment Rate = 5.60%
30 Year Mortgage Rate = 5.45%

Creation of Medicare and Medicaid

Jul 30, 1965

President Lyndon Johnson signs the bill creating Medicare, a national health insurance program for the elderly. Companion legislation creates Medicaid, providing health care for people on welfare. Later, Medicaid will be broadened into a more comprehensive program financing health care for low-income persons.

1965 Economic Indicator

Dec 31, 1965

Inflation Rate = 1.6%
Nominal Household Income = $7,500
Inflation Adjusted Income = $36,500
GDP = $4.10T
Unemployment Rate = 4.90%
30 Year Mortgage Rate = 5.46%

Minimum Wage Increase

Sep 23, 1966

The minimum wage is raised in stages from its current $1.25 per hour to $1.60 by February 1968.

1966 Economic Indicator

Dec 31, 1966

Inflation Rate = 2.9%
Nominal Household Income = $7,800
Inflation Adjusted Income = $38,000
GDP = $4.29T
Unemployment Rate = 4.00%
30 Year Mortgage Rate = 6.25%

1967 Economic Indicator

Dec 31, 1967

Inflation Rate = 3.1%
Nominal Household Income = $60,831,000
Inflation Adjusted Income = $42,934
GDP = $4.40T
Unemployment Rate = 3.90%
30 Year Mortgage Rate = 6.55%

Housing Discrimination Ban

Apr 1, 1968

President Lyndon Johnson signs the Open Housing Act outlawing discrimination in the sale or rental of most privately-owned homes and apartments.

Shirley Chisholm becomes first black woman elected to U.S. Congress

Dec 23, 1968

1968 Economic Idictoar

Dec 31, 1968

Inflation Rate = 4.2%
Nominal Household Income = $62,214,000
Inflation Adjusted Income = $44,785
GDP = $4.62T
Unemployment Rate = 3.70%
30 Year Mortgage Rate = 7.11%

Stonewall riots in New York City marks the start of the modern gay rights movement in the U.S.

Apr 23, 1969

Neil Armstrong walks on the Moon

Dec 23, 1969

1669 Economic Indicator

Dec 31, 1969

Inflation Rate = 5.5%
Nominal Household Income = $63,401,000
Inflation Adjusted Income = $46,449
GDP = $4.72T
Unemployment Rate = 3.40%
30 Year Mortgage Rate = 8.11%