history final guide - The Seventies President Richard M....

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The Seventies President Richard M. Nixon promised to “restore truth and openness to the White House, terminate the war in southeast Asia and bring Americans together again” While Nixon was president, he worked toward conservatism. Southern conservatives were put into the supreme court panel. Overall, conservatives regained decisive power in shaping political agenda. Those who sought to restore and rebuild America would represent traditional and conservative values rather than innovative or radical ones. Americans were sick of New Deal liberalism and ready to rebel against an intellectual and media elite.Beginning of the 70s, US troops began coming home from Vietnam. But bombing on N. Vietnam increased. Americans accepted this, mainly in part because our people were coming home. Protests and rallies in the US resided, the “left” took a step back. Due to increased defense spending, inflation reached a rate of 4.5 percent in 1971. Nixon responded by increasing interest rates, lowering the money supply and promoting a planned recession. But then he suddenly imposed wage and price controls in the summer of 71 in hopes of restraining inflation and restoring prosperity prior to the 72 elections. Once removed, inflation skyrocketed up to 10% by the end of 73. Industrial productivity rose only 1% between 72 and 78. When Nixon resigned in 74, there were few Americans with the psychic or social space to consider economic and social reform, they focused on the survival of the American system of government. Thus, this kept those far lefts with ideas of changing of changing America and brought people together with a common goal.Gerald Ford took over the presidency. Was the most conservative pres since Hoover. Vetoed 39 measures in one year. Carter barely won the next election, as neither he nor Ford instilled much confidence in the American public. From 75 to 80, America experienced what became known as “stagflation.” Unemployment and inflation increased simultaneously, whereas previously, unemployment had been the cure for inflation, with government manipulated recessions helping to bring down the prices and employment resuming once inflation was under control. Worker alienation and discontent multiplied. Productivity of the American worker declined, leaders placed the blame on laziness and lack of motivation. Workers placed the blame on management insensitivity and what appeared to be a calculated effort to displace workers, destroy trade unions and limit labor participation in management decisions.Throughout the 50s and 60s, most Americans embraced the future and thought it would be superior. By the end of 79, 55% of all Americans believed that “next year would be worse than this year.” 90% feared inflation was a permanent presence. Income dropped 2% each year from 73 to 81. Federal Reserve Board Chairman Paul Volcker observed at the end of the 70s “under present economic conditions, the standard of living for the average American has got to decline.” People accepted this.
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This note was uploaded on 02/21/2011 for the course HISTORY 101 taught by Professor N/a during the Spring '11 term at United States Merchant Marine Academy.

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