That 70s thing
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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

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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

  • NLRB rulings favored management--Unions lost power

  • more families depended on two wage earners to make ends meet


Employment, cont.

  • More than 1/2 of all married women worked outside the home

  • almost 60% of women with school age children were in the labor force


Rising energy prices

1/3 of crude oil imported

gasoline prices doubled

US standard of living dropped to 5th in the world

Productivity fell

unfavorable balance of trade

It’s the Economy …


Economy, cont.

  • GNP more dependent on foreign trade

  • federal budget deficit reached $60 billion by 1980

  • interest rates skyrocketed


Economy, cont.

  • By 1995 it took nearly $5 to buy what $1 would buy in 1967


Gasoline & Energy

  • Crisis forced by OPEC

  • limits on purchases

  • Arabs blamed


Energy, cont.

  • Natural Gas shortage

  • Carter calls it the “moral equivalent of war”

  • Dept. of Energy formed 1977


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.


Carter Administration

  • Elected in a wave of apathy

  • Washington outsider

  • no clear political vision


Domestic Problems

  • 12% of population in poverty

  • widening gap between rich & poor

  • haves & have nots sharply defined by race


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.


Foreign Issues

  • In Guyana, Jim Jones persuaded 911 people to kill themselves in the “Jonestown Massacre”.

    • They drank kool-aid laced with cyanide


Carter signed the Panama Canal Treaty which would return the canal zone back to Panama in the year 2000.


  • Camp David Accords

    • agreement between Israel & Egypt

    • Carter negotiated

    • Sadat & Begen won Nobel Peace Prize


Foreign Issues, cont.

  • Latin American problems in Nicaragua & El Salvador

  • Apartheid problems in Africa

  • Soviet invasion of Afghanistan

  • Boycott of the 1980 Olympics


Iran Hostage Crisis

The Shah of Iran left the country in bad health and revolutionaries took over taking 65 American hostages.


  • Nov. 4, 1979 Iranian fundamentalists seized the U.S. Embassy in Tehran

  • 55 embassy employees held hostage

  • prisoners for 444 days


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.

444 days.


Hostage Summary

  • Economic sanctions produced no result

  • an attempted desert rescue failed

  • negotiations dragged on during election campaign

  • Final release on inauguration day of Ronald Reagan


The end


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