The+Economy+of+the+1970’s

Stagflation is not the sensation! Who was in office during the 1970’s? Nixon was in office for most of the stagflation period, which happened during Watergate. Thus taking his focus away from the economy. What is stagflation? It is the combination of high inflation and high unemployment with a slow to no growth in the economy. Where was this occurring? This occurred in the United States during 1974. When did it happen? It happened during 1974 while Nixon was in office. This was during Watergate. Why did this happen? It occurred because Nixon was focused on defending himself in the Watergate case and he was not paying attention to the economy. [|Stagflation]
 * Economy of the 1970s**

Deregulation In the late 1970’s, Jimmy Carter inherited an unstable American economy. He had success in deregulation. Deregulation was the removal or reduction of government controls in several industries. What deregulation would do was create competition within that industry while still promoting economic growth. There would be fewer restrictions on business practices and there would be more of a free market. The oil, railroad, trucking and airline industries were deregulated. Democrats opposed deregulation but this policy continued throughout the next two administrations. [|Deregulation]

National Energy Act In the late 1970’s there was becoming a growing awareness of the country’s energy crisis. At that point more than 40 percent of America’s oil came from other countries. Because OPEC, the Organization of Petroleum Exporting Countries controlled much of the oil reserves, they were then able to steadily increase the prices of oil. Carter’s plan for this issue was to save fuel by driving less as well as using less heat and air conditioning in homes. More specifically he called to tax cars with low fuel economy, convert utilities to other fuels, deregulate prices for domestic oil and fund research for alternate energy sources, predominately nuclear. Much of the country’s population was hesitant to preserve its resources, thus Carter’s Energy Act had little to no effect of the economy. [|National Energy Act]