1971-77

By srubin173

  • VCR's introduced

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    Timespan of Economic Activity

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    Fed/Requirements

    The 1970s saw inflation skyrocket as producer and consumer prices rose, oil prices soared and the federal deficit more than doubled. By August 1979, when Paul Volcker was sworn in as Fed chairman, drastic action was needed to break inflation’s stranglehold on the U.S. economy. Volcker’s leadership as Fed chairman during the 1980s, though painful in the short term, was successful overall in bringing double-digit inflation under control.
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    Inflation Rates

    1971-4.4
    1972-3.2
    1973-6.2
    1974-11
    1975-9.1
    1976-5.8
    1977-6.5
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    GDP

    Dec 31, 1977 6.01 trillion
    Dec 31, 1976 5.73 trillion
    Dec 31, 1975 5.49 trillion
    Dec 31, 1974 5.35 trillion
    Dec 31, 1973 5.46 trillion
    Dec 31, 1972 5.25 trillion
    Dec 31, 1971 4.91 trillion
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    Umeployment Rates

    Jan 1, 1977 7.50%
    Jan 1, 1976 7.90%
    Jan 1, 1975 8.10%
    Jan 1, 1974 5.10%
    Jan 1, 1973 4.90%
    Jan 1, 1972 5.80%
    Jan 1, 1971 5.90%
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    Discount Rates

    1971-5
    1972-5 3/4
    1973-9
    1974-8
    1975-4 7/8
    1976-5 7/8
    1977-6 1/2
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    Fiscal Policy Paragraph

    Fical Policy
    President Jimmy Carter (1973-1977) sought to resolve the dilemma with a two-pronged strategy. He geared fiscal policy toward fighting unemployment, allowing the federal deficit to swell and establishing countercyclical jobs programs for the unemployed. To fight inflation, he established a program of voluntary wage and price controls. Neither element of this strategy worked well. By the end of the 1970s, the nation suffered both high unemployment and high inflation.
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    Family Life

    It was a time when families still gathered together for dinner each night and when new-fangled gadgets made it easier to cook, do homework, or play together. People began to care more about their environment and sports figures started making seven-figure salaries.

  • Prime rate reduced from 6-æ percent to 6-½ percent.

    Prime rate reduced from 6-æ percent to 6-½ percent.

  • Pocket Calculator made

  • Telephone strike starts

  • Video Games by Nolan Bushell

  • 20 percent increase in social security benefits signed into law. Effective September.

  • US pulls out of Vietnam

  • January 15 Discount rate raised from 4-½ percent to 5 percent.

  • Consumer meat boycott.

  • Discount rate raised from 6-½ percent to 7 percent. Increased reserve requirement on net demand deposits.

  • Arab nations announce reductions in oil shipment.

  • Nixon Resigns

  • Stock margin requirements cut from 65 to 50 percent.

  • February 22 Prime rate reduced to 8-¾ percent.

  • Prime rate reduced to 10 percent. Click for Further Info...

    January 21: 9-¾ percent
    January 31: 9 percent
    February 6: 8-¾ percent
    February 19: 8-½ percent
    March 3: 8-¼ percent
    March 8: 8 percent

  • Federal Reserve discount rate cut from 7-¼ percent to 6-¾ percent.

  • Vietnam War Ends

  • Fashon in the 70s

    http://www.thegreat70s.com/70s-Fashion.html

  • Reserve requirement on time deposits reduced from 3 percent to 1 percent.

  • Prime rate moving upward, 6-¾ percent to 7-¼ percent at most major banks.

  • Period: to

    Auto workers strike.

  • California minimum wage raised to $2.50 per hour.

  • GDP per Capita

    http://www.multpl.com/us-real-gdp-per-capita/table/by-year

  • Prime rate raised to 7 percent.

  • Federal Reserve discount rate raised from 5-¼ percent to 5-¾ percent, the first increase since April 1974.

  • Discount rate raised from 5-¾ percent to 6 percent.