3.2 Flashcards
what was inflation in 1977 + 1978?
1977 = 5%
1978 = 10%
what was the Humphrey-Hawkins Bill (1978)?
- aimed to allow fed. gov to protect workers’ jobs by becoming employer
- not supported by Carter
when was the NEP (National Energy Plan) introduced?
April 1977
when was the Dept. of Energy introduced?
1977
what were Carter’s approval ratings by 1979 + why was this significant?
26%
less than Nixon even at height of Watergate
how many Americans considered inflation as their biggest concern by 1978?
63%
which 2 major events led to oil prices increasing?
(1973) Yom Kippur War -> OPEC 4x oil prices
(1979) Iranian Revolution -> OPEC 2x oil prices
what was the federal min. wage 1975 + 1981 and why was this important?
1975 = $2.10
1981 = $3.35
raised but failed to keep pace with inflation
what was WIN?
Whip Inflation Now
- voluntary cut of mileage by 5%
what was stagflation like in 1980?
inflation = 12-13%
unemployment = 7.5%
how much oil did the USA import in 1970 + 1980?
1970 = $4 bil
1980 = $80 bil
how many workers had the USA’s 3 biggest car manufacturers laid off by 1974?
224,000
what % were interest rates in the late 1970s + why was this important?
20%
led to drop in investment of economy
why did the NEP (National Energy Plan) meet opposition in the Senate?
- Carter had insufficient consolation + lobbying
- voters didn’t want to pay higher taxes
when was the Omnibus energy Act passed + why was it significant?
1975
domestic oil prices were allowed to rise slowly so consumption decreased, helped economy come out of recession
