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The Recession
The recession was partly attributed to the Federal Reserve's tightening of monetary policy, raising interest rates, and the Nixon administration's move to cut government spending. While the recession was relatively mild, it still led to a peak unemployment rate of around 6% and a slight decline in GDP. It lasted around 11 mouths -
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Wage and Price Controls
This law authorized the President to stabilize prices, rents, wages, and other related factors. While the law was passed in 1970, it was most famously implemented by President Nixon with the 90-day freeze on wages and prices -
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Oil Crisis
The oil embargo and cut production in response to U.S. aid to Israel. This led to a significant rise in oil prices -
Nixon shock
Richard Nixon unilaterally ended the direct international convertibility of the US dollar to gold -
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Stagflation
a period of high inflation and high unemployment, is most notably associated with the 1970s, a period that saw the economy struggle with both stagnant growth and persistent high inflation -
Establishment of the Department of Energy
The Department of Energy Organization Act of 1977 was signed by President Jimmy Carter on August 4, 1977, and it officially activated on October 1st. This act consolidated various energy-related functions from different government agencies into a single department