Challenges of te 1970's

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  • The Challenges of the 1970's
    • Government Action
      • 1969 Tax Reform Act: brought 9m poor families out of income tax
      • 1970 Economic Stabilisation Act: gives President power to act on wages, prices, rents and interest rates
      • 1971 Emergency Emplooyment Act: "community service" employment for two years
        • Aimed at getting people into permanent work.
      • 1972 Social Security Act: raises payments by 20% in line with inflation, and links benefit payments to the CPI
    • Energy Problems
      • 1973 Oil Crisis
        • 1973 Arab-Israeli War
      • 1979 Fuel Shortage
        • May to July: lasted three months, but there was no fuel rationing
    • Confidence Crisis
      • Unemployed rose from 5.8% in 1978 to 7.1% in 1979.
      • In July 1979, Carter tried to recreate FDR's fireside chats and told the people that energy was not the crisis, but was confidence
        • Rising homelessness and job losses reminded people of the Great Depression
          • In 1980, America voted for Ronald Reagan, and a very different economic policy


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