The+Economy+of+the+1960’s+–+Kennedy,+Johnson,+Nixon

[|Inflation] Inflation

By:Kyle Hohenadel Economy started to have a hard time when Nixon took office. He started spending a lot of money on the Vietnam War. Inflation doubled between 1965 and 1968. Nixon’s wanted to halt inflation. He didn’t want unemployment to led further. After Nixon was in for a few years the unemployment and inflation kept rising. He put a 90-day freeze on wages, prices and rent in August 1971. In June 1973 he put a 60-day general price freeze again. He lifted the controls because pressure from business and labors. After that, inflation began soaring like crazy.

The Oil Crisis

By:Michael Kelchner At the start of the mid 1950’s, oil became a really big import in the U.S. Coal was big and abundant but wasn’t good for the environment. So oil became a big use for America. Before Nixon came into office, America was already heading into and oil crisis. In 1973 the Middle East went to war. The U.S. backed our ally Israel. So the Arab members of OPEC (Organization Petroleum Exporting Countries) decided on an embargo on the import of oil to America. The coast of foreign oil had skyrocketed. The price of everything was changed. A loaf of bread had rose 61 cents. Gas rose from 25 cents to 65 cents. All of this had resulted in a recession.