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Economy In The 1970s Essay

623 words - 3 pages

Although government corruption was a problem in the December of 1974, the overwhelming issue was the recession that was currently taking place. In December alone there were seven articles covering the recession and one cover story. As the saying going, “money sells” and articles talking and predicting the recession had people spending what little money they had.
The first article about the recession was titled, “Calls for Tax Cuts and Money Ease.” The editor of this article sees unhappy and disappointed about the economy and ford handling of it. He talks about when Ford moved into the white house, “ he promised to take control of federal spending which he regards as the principal on inflation.” The editor explains the country and congress disagree with Ford decision to cut spending and believe he should cut taxes to help the people that are struggling.
The article about Recession was the cover story of the ...view middle of the document...

The editor surprisingly points out that non-whites are hit the hardest empathizing what liberal writer the editor is. The editor in conclusion believes that ford is doing the right thing by trying to fight inflation before recession.
December 16th article is partially ominous with the title “A Deeper slump before the Upturn” The article starts off by highlighting the fact that Ford became corrupt and gave in to the fears of the businessman and is revising a policy on how to deal with the situation thought he stoutly claims, “our country is not in an economic crisis. The predictions for the year 1975 by top economists are show the slump getting worst they believe unemployment will rise from 6.5 to 8%, output of goods and services will drop as well, corporate profits will fall, but on the bright side inflation will less will bring the upturn in the economy for the next year.
These beginning articles did not discuss the reasons for the economic failure, just how to solve the problem. According to Borstelmann, The real issue was that economic tools worked better to stimulate an economy then slow it down. For the government to combat inflation it would have to reduce spending which would force companies to let workers go. The 70s however did not work perfect to the Phillips curve inflation and unemployment occurred simultaneously making deflating the economy particularly difficult because it was worsen the position of unemployment.
The market was also changing in the 70s. Industrial jobs were decreasing with rising international competition, falling rates of productivity growth and high prices for basic commodities industries started to fall apart. Plants closing became a common theme in American economy in the 1970s. The steel industry collapsed under carter and in July of 1977 20,000 steal workers jobs were lost. Carter allowed to steel job to move overseas where the cost of industry where cheaper and workers were paid less. Washington Politian opposed price increase in steal which made it hard for American companies to turn a profit and many steal industry closed.

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