That ‘70s Thing. “Stagflation” and the Carter Administration. What is “Stagflation”?. Rapidly rising prices Rising unemployment low or nonexistent economic growth. Feverish Prices. Up by more than 10% in 1974 Over 13% by 1979. Consumer Price Index 1967-1995. Employment.
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That ‘70s Thing
“Stagflation” and the
Consumer Price Index 1967-1995
Rising energy prices
1/3 of crude oil imported
gasoline prices doubled
US standard of living dropped to 5th in the world
unfavorable balance of trade
Post Nixon Events
Gerald Ford became the first President never to be elected as either President or Vice President.
On September 8, 1974 Ford issued a pardon for Nixon.
In September he gave amnesty to Vietnam draft resisters - they had to give two years of public service.
In early 1975H.R. Haldeman, John Ehrlichman & John Dean were convicted of crimes related to the Watergate affair.
Because of Watergate, Congress had a period of renewed power and Ford had very little power as he approached the 1976 election.
Ford barely got the Republican nomination over Ronald Reagan and he named Bob Dole as his VP candidate.
The Democrats nominated Jimmy Carter who was the Governor of Georgia and his VP candidate was Walter Mondale.
Carter won the election 297 - 240 electoral votes.
He became the 1st President to be elected from the south since Zachary Taylor in 1848.
Carter did not have much power because of Watergate.
In 1977 the neutron bomb was developed which would destroy people, but not buildings.
The Supreme Court heard the Bakke v. U.C. case (against Affirmative Action) and ruled that the use of racial quotas was reverse discrimination.
Jerry Falwell founded the moral majority as the nation shifted to a more conservative agenda.
In May 1980 Mount St. Helens erupted in Washington.
California voters approved Proposition 13 to limit property taxes.
Carter signed the Panama Canal Treaty which would return the canal zone back to Panama in the year 2000.
Iran Hostage Crisis
The Shah of Iran left the country in bad health and revolutionaries took over taking 65 American hostages.
American Hostage on TV
Carter ended diplomatic relations with Iran in 1980 and then approved a rescue mission to free the hostages.
Two helicopters used in the rescue collided and crashed so the mission was aborted, without success.
The hostages were held until January 20, 1981.