johnson economy

How did federal spending on poor families change between the Kennedy and Johnson administrations?

Federal spending on each poor family grew significantly from $1,000 in 1961 to $4,000 in 1967.

Which two cultural organizations created by Johnson in 1965 faced public backlash as a waste of taxpayer money?

The National Endowment for the Arts (NEA) and the National Endowment for the Humanities (NEH).

What compromise did Democratic Senator Harry Byrd force Johnson into to pass the 1964 Revenue Act?

He forced Johnson to cap total federal spending at a maximum of $100 billion per year.

How much did Congress force Johnson to cut from the federal budget in 1967 to reduce the deficit?

Congress forced a spending cut of $6 billion, further limiting the funding available for Great Society programs.

By how much did the national debt increase under the Johnson administration?

It increased by 13%, which was double the increase seen under Kennedy, but lower than any president after him (who all saw over 30% increases).

What was the fiscal result of the 1968 Revenue and Expenditure Control Act passed by Johnson?

It successfully created a 3% budget surplus in 1969, which was the last US budget surplus achieved until 1998.

How did the national inflation rate escalate during the Johnson administration?

Driven by heavy domestic and military spending, inflation reached 2% by 1966 and climbed to 5% by 1969.

How did Federal Reserve Chairman William McChesney Martin defy President Johnson in 1965?

He raised national interest rates without the president's permission to combat growing inflation.

Whose economic advice did Johnson ignore in 1966 regarding raising taxes to fund government spending?

Gardner Ackley, the Chair of the Council of Economic Advisers (CEA).

How did national unemployment change between 1965 and the time Johnson left office in 1969?

Due to heavy federal spending, unemployment fell from 5% in 1965 down to a low of 3.5% in 1969.

By how much did the Job Corps program increase the average earnings of its participants?

It successfully increased the earnings of its participants by 12%.

How dramatically did the poverty rate among Black families fall between 1960 and 1968?

It dropped by half, falling from 55% in 1960 to 27% in 1968.

By how much did the total US Gross Domestic Product (GDP) grow during the Johnson administration?

The overall economy grew significantly, with GDP increasing from $660 billion in 1964 to $980 billion in 1968.

What was the only economic downturn experienced during the Johnson presidency?

Johnson achieved the rare feat of avoiding a major recession, only suffering from the "Mini-Recession of 1966."

By how much did federal government revenue grow during the 1960s to help fund Johnson's spending?

Total government revenue grew by a third, which helped facilitate and validate his expansion of federal spending.