42 Ford, Carter, and the Economic Malaise

This set of flashcards covers key concepts and events discussed in the lecture about the significant changes and challenges during the mid-to-late 1970s in American history, focusing on economic issues, presidential actions, and their impacts.

What economic challenges did the United States face during the mid-to-late 1970s?

The U.S. experienced inflation and extremely slow growth, leading to stagflation.

What was stagflation?

Stagflation refers to the combination of high inflation and high unemployment that occurred during the 1970s.

What significant change did Nixon make regarding the U.S. dollar in 1971?

Nixon took the U.S. off the gold standard to make American goods cheaper overseas.

What was the significance of the Crisis of Confidence speech by Jimmy Carter?

The speech highlighted a loss of faith among Americans and criticized their values, impacting Carter's approval ratings.

What role did the Iranian Revolution play in the context of the 1970s U.S. economy?

The Iranian Revolution contributed to a second oil shock in 1979, exacerbating economic downturn and inflation.

What was the economic impact of the oil shocks in the 1970s?

The oil shocks led to quadrupled oil prices, long gasoline lines, and inflation across various sectors.

Which two U.S. presidents were in office during the 1970s and faced economic crises?

Gerald Ford and Jimmy Carter.

What was one outcome of Gerald Ford's presidency regarding inflation?

Ford proposed the WIN program (Whip Inflation Now), which encouraged Americans to reduce spending.

How did Jimmy Carter attempt to address stagflation?

Carter cut government spending, deregulated certain industries, and supported higher interest rates.

What was the impact of deregulation during Carter's presidency?

Deregulation led to cheaper airline prices but also resulted in a decline in service quality.

What was a major factor in the decline of U.S. manufacturing from 1960 to 1980?

The gradual decline in U.S. manufacturing was partly due to increased global competition.

What was the Misery Index and what did it measure?

The Misery Index combines the rates of unemployment and inflation to reflect economic hardship.

How did the 1970s affect the political landscape in the U.S.?

Economic struggles weakened support for New Deal liberalism and increased the appeal of conservative policies.

What did the Camp David Accords achieve?

The Camp David Accords are a historic peace agreement between Egypt and Israel.