1960s Economy

A detailed Summary of 1960s Economy


To trace the business cycle of the 1960s you must first realize that the 60s were a time of change for everyone. There was the idea of war and peace, sex, drugs, and rock and roll as the saying goes. When you look at the economic history in this decade you realize that these things not only affected people socially, but also economically.

At the beginning of the decade the United States was in a recession. This was the time of the Kennedy years in the beginning of the sixties. As 1961 approached the economy began to improve. (Galbraith, 173) The unemployment level at this time was 5.5% which was good. (Galbraith, 169) Wages and prices did of course interact with each other to cause inflation during this time period, but it was not a serious problem. (Galbraith, 171) The Gross National Product (GNP) in 1960 was 1665.3 with a growth of 3.9 up from 3.5 in 1947. The Consumer Price Index (CPI) also told about the economy. The CPI was 29.6 in 1960 which was a growth of 3.3 up from 2.2 growth in 1947. (Spulber, 6) As you can see by these statistic


When people talk about the years of Kennedy's presidency they must realize his economic views. Kennedy had a Keynesian policy and felt there must be a flow of aggregate demand to maintain the closest possible approach to full employment. (Galbraith, 172) Then a goal was set for the economy. They said that economy should expand its aggregate production of goods and services by five percent each year. Government action called for either government spending to push economy or tax reduction to release more income to private expenditure. Both of these things they felt would ultimately achieve the same result in the end. In 1962 taxes were cut to stimulate the economy and keep growth up. At this time the revenues from tax were growing quicker than expenditures so taxes could be reduced. (Galbraith, 173) This led to the end of Kennedy's time in presidency when he was assassinated November 22, 1963. The tax cut was already put into effect for the following year at the time of Kennedy's assassination. (Galbraith, 174)

As you can see the sixties wer

Some common words found in the essay are:
Kennedy Keynesian, , Lyndon Johnson, Alliance Progress, Vietnam Spulber, Index CPI, America Kennedy, Product GNP, United United, taxes reduced, started war, kennedy's presidency, lyndon johnson, galbraith 173,

Approximate Word count = 712
Approximate Pages = 3 (250 words per page double spaced)

Category: History

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