-
This is what the average family looked like in the 70s.
-
Apple is founded
Apple is founded on April 1st 1976 and grew to become one of the biggest companies that we know today, and the majority of the population uses their products.This company fulfilled people's wants giving them the technology they wanted, introducing them to something new (Computers) and then later grew into handheld devices. The company is now worth about 500 billion. -
Iranian Revolution
The Iranian Revolution began on January 7th 1978. The revolution caused the price of oil to go up because of the lack of stability. This shows that affairs that happen outside of the US have just as much of an influence over the economy in the US. The price of oil went up to $40/bbl -
Marquette Nat. Bank of Minneapolis vs. First of Omaha Service Corp.
On October 31st 1978 Marquette Nat. Bank of Minneapolis vs. First of Omaha Service Corp. This basically said that Credit card companies can charge interest based on where they are located. This is what increased the interest rates on credit cards. This can also be attributed to being part of the reason for an increase in debt. -
The Chrysler Bailout is approved by the federal government
On November 1st 1979 The Chrysler Bailout is approved by the federal government This was a monumental decision if Chrysler went down then their suppliers would also go down. If they weren't bailed out it could have started a bigger recession. This was caused by the higher oil prices because of the tensions in the middle east. -
Embargo on soviets
January 4th 1980 Embargo on soviets President Jimmy Carter announces the embargo on sale of grain and high technology to the Soviet Union due to the Soviet invasion of Afghanistan. This affected businesses that sold to the Soviet Union and for farmers because now they have less demand. -
This is what a normal family looked like during the 80s.
-
Reagan tax cuts
August 13th 1981 Reagan tax cuts Congress passes President Reagan's tax cut legislation which was the largest tax cut in the the nation's history. It was expected to save the taxpayers $750 billion over the next five years. -
Recession
September 1st 1981 Recession There was a recession that began in 1981 because of the new economic policies and also because of the prior negative trend in the economy due to the oil prices going up. Reagan's reforms were fueling the recession. The unemployment rate went up to 10.8% which can cause low productivity. -
Beginning of Goldilocks Economy.
January 30th 1983 Beginning of Goldilocks Economy. There was a span of time that occurred from 1983 up until the next recession. This was a time period where there was not too much inflation or too high unemployment. -
The Macintosh Introduced
January 1st 1984 The Macintosh was personal computer with a graphical user interface. This was the birth of a major company that is a huge factor of the modern economy. 8 years after founding the Apple company they made their first computer. -
Louisiana World Exposition of 1984
January 1st 1984 Louisiana World Exposition of 1984 It was the last world's fair held in the United States. It came with financial trouble, and drew significantly fewer visitors than predicted over the next six months, 7.3 million. It was the only exposition that went bankrupt. -
Black Monday
October 19th 1987 Black Monday Stock markets crashed all around the world. The Dow fell over 20% in one day. This was the largest one day loss in the DJIA. This is a signal that the economy is not doing well -
USA and Canada Reach Free Trade Agreement
January 1st 1988 USA and Canada Reach Free Trade Agreement. The U.S. and Canada had a free trade agreement. CUSFTA increased trade between the two countries and it helped precede NAFTA. This was a product of new conservatism -
Another recession
January 1st 1990 Another recession. This recession was caused by Iraq invading Kuwait and raising oil prices,the debt we had from the 1980's because of the reduced taxes and the constant borrowing of money, and Black Monday (the stock market crash.). -
The Gulf war
August 2nd 1990 The Gulf war. The United States went to war with Iraq to keep them out of Kuwait. In the end, it was to keep the oil reserves with our allies, and this caused there to be spikes in oil prices. -
This is what the average family looked like in the 90s
-
World Wide web goes public
January 1st 1991 World Wide web goes public The internet is made available to the public. It made communication much easier and reinvented the way people talk. It helped provide jobs. The internet provides 300 billion dollars to the U.S. economy. If not for the internet, a lot of big companies nowadays would not exist. (Amazon, Google) -
The soviets fall
December 26th 1991 The soviets fall. The fall of the Soviet Union meant that there would be no Cold War. This made it that the US did not have to spend as much for defense, plus the consumer could have more financial confidence. -
The 27th Amendment
May 22nd 1992 the 27th amendment. This amendment kept it from Congress raising their own pay. This can be seen as a safe keeping for American citizens. This improved the trust the American population and made it in a way that the government budget is used more appropriately. -
NAFTA
NAFTA is passed which allows the businesses to have better relations/negotiations with other businesses in other countries in North America. This increased the trading with Mexico. -
Clinton is sworn in
January 20, 1993 Clinton is sworn in. Clinton was a president who had an economically stable presidency. He had many trade agreements that he passed that affected the economy of this time period. -
World Trade Organization is formed
The World Trade Organization sets up the trade rules between countries. They set regulations for countries to follow made up by those countries. This helps keep fair trade deals and trading help run the economy. -
What people looked like during this era.
