"The Recession of 1969β1970 was a relatively mild recession in the United States. According to the National Bureau of Economic Research the recession lasted for 11 months, beginning in December 1969 and ending in November 1970, following an economic slump which began in 1968 and by the end of 1969 had become serious, thus ending the second longest economic expansion in U.S. history which had begun in February 1961 (only the 1990s saw a longer period of growth)."
"At the end of the expansion inflation was rising, possibly a result of increased deficit spending during a period of full employment. This relatively mild recession coincided with an attempt to start closing the budget deficits of the Vietnam War (fiscal tightening) and the Federal Reserve raising interest rates (monetary tightening)."
"During this relatively mild recession, the Gross Domestic Product of the United States fell 0.6 percent. Though the recession ended in November 1970, the unemployment rate did not peak until the next month. In December 1970, the rate reached its height for the cycle of 6.1 percent."
I don’t have an Amazon subscription, because there normally isn’t that much i like to order online, but lately I’ve discovered the wonders of Walmart 2-day free shipping with a $35 purchase. It’s kind of nice to be able order things — products like blue jeans π or pancake mix π³ — without having to worry about them not having your size and knowing the exact price before you check out.
As college students, many of us become experts at living the frugal life. We cook dinner for friends using the one knife and two pots we bought from TJ Maxx or “borrowed” from Mom’s kitchen. We take the bus, tape broken items back together, and celebrate the luxury of our first apartment without roommates, even if it’s a 600-square-foot studio.
Then our income increases, and certain behaviors become outside our comfort zone. We get used to buying everything brand new and wonder how we ever survived without a $300 blender. We might have fond memories of staying in hostels while backpacking around Europe or Asia, or seeing a mind-blowing Broadway show on a $30 standing room ticket, but we wouldn’t do that now.
The Federal Reserve is cutting interest rates for the first time in over a decade — a preemptive move aimed at extending the already record-long economic expansion.
The Fed on Wednesday lowered its target for the key federal funds rate by a quarter percentage point. The move should decrease the cost of borrowing, including for credit cards, auto loans and mortgages.
Well, it delivered the Nixon to the White House in 1972. And worked out quite well for the nation until about 1973.