Ask Steve: 1960s Economy

(1m 4s) tv-pg

In this Ask Steve video, delve into the 1960's economy to find economic success, and economic decisions that would lead to a slowed economy, high unemployment, and high inflation. The economic decisions made in the 1960's caused the economy to weaken in the next decade. The social turmoil of the 1960's did not negatively affect the economy. In fact, the economy moved smoothly along thanks to the increase of spending for the Vietnam War. However, the decisions of the President and Congress to have "guns and butter" would make the economy slow down in the 1970's. By having both "guns and butter", the government decided to expand social programs at home and spending on the Vietnam War, without raising taxes. This led to stagnation, high unemployment and high inflation. Lastly, in the words of Tom Hayden, the founder of Students for a Democratic Society, in the 1960's they had to fight the "pigs", and in the 1970's they had to fight the high price of bacon.

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