The U.S. Economy of the1960s and 1970s

The 1950s in America are often described as a time of complacency. By contrast, the 1960s and 1970s were a time of significant change. New nations emerged around the world, and insurgent movements sought to overthrow existing governments. Established countries grew to become economic powerhouses that rivaled the United States, and economic relationships came to predominate in a world that increasingly recognized that the military may not be the only means of growth and expansion. The 1960s Effect on the Economy President John F. Kennedy (1961-1963) ushered in a more activist approach to governing. During his 1960 presidential campaign, Kennedy said he would ask Americans to meet the challenges of the New Frontier. As president, he sought to accelerate economic growth by increasing government spending and cutting taxes, and he pressed for medical help for the elderly, aid for inner cities, and increased funds for education. Many of these proposals were not enacted, although Kennedys vision of sending Americans abroad to help developing nations did materialize with the creation of the Peace Corps. Kennedy also stepped up American space exploration. After his death, the American space program surpassed Soviet achievements and culminated in the landing of American astronauts on the moon in July 1969. President Kennedys assassination in 1963 spurred Congress to enact much of his legislative agenda. His successor, Lyndon Johnson (1963-1969), sought to build a Great Society by spreading benefits of Americas thriving economy to more citizens. Federal spending increased dramatically, as the government launched such new programs as Medicare (health care for the elderly), Food Stamps (food assistance for the poor), and numerous education initiatives (assistance to students as well as grants to schools and colleges). Military spending also increased as Americans presence in Vietnam grew. What had started as a small military action under Kennedy mushroomed into a significant military initiative during Johnsons presidency. Ironically, spending on both wars -- the war on poverty and fighting the war in Vietnam -- contributed to prosperity in the short term. But by the end of the 1960s, the governments failure to raise taxes to pay for these efforts led to accelerating inflation, which eroded this prosperity. The 1970s Effect on the Economy The 1973-1974  oil  embargo by members of the Organization of Petroleum Exporting Countries (OPEC) pushed energy prices rapidly higher and created shortages. Even after the embargo ended, energy prices stayed high, adding to inflation and eventually causing rising rates of unemployment. Federal budget  deficits grew, foreign competition intensified, and the stock market sagged. The Vietnam War dragged on until 1975, President Richard Nixon (1969-1973) resigned under a cloud of impeachment charges, and a group of Americans were taken hostage at the U.S. embassy in Tehran and held for more than a year. The nation seemed unable to control events, including economic affairs. Americas trade deficit swelled as low-priced and frequently high-quality imports of everything from automobiles to steel to semiconductors flooded into the United States. This article is adapted from the book Outline of the U.S. Economy by Conte and Carr and has been adapted with permission from the U.S. Department of State.

President Trump s Campaign On The United States And The...

Vincent Presogna Prof. Joe Georges ECC POLI 1 4176 JG SP17 26 April 2017 Trumps Wall One of Presidents Trumps major campaign promises was to build a wall between the southern border of the United States and the northern border of Mexico. Trump has repeatedly said that he would get Mexico to pay for the construction of the wall. Mexico has repeatedly told President Trump they will not pay for the wall. President Trump has announced that he will proceed first with American tax dollars. Let us look at the proposed figures. President Trump initially estimated during the campaign that the wall would cost $12 billion, but the figure has soared since then. A Department of Homeland Security internal report in February estimated that the†¦show more content†¦It has been proven that if you work a full time minimum wage job you will still live well below the poverty level. Illegal immigrants often have more than one job to make up for this deficit, while still paying taxes on those earned wages. If those low paying jobs were filled by American citizens we could possib ly see a decline in the economic welfare of a general segment of the population. President Trump said in his campaign about illegal immigrants from Mexico that â€Å"They’re bringing drugs. They’re bringing crime. They’re rapists. And some, I assume, are good people.† In fact, this is so far removed from the truth. Many illegal immigrants are looking for better living conditions and to simply to work for a living, most are â€Å"good people†. Trump seems to think that a wall can stop the flow of drugs and guns across the border. The 700 miles of wall that is already in place have made it easier on cartels to establish control of the transportation of illicit goods. While there are few official entry point along the border line. They are highly regulated and policed, but cartels much prefer to exploit their predictability and rationality than to scatter resources across open expanses of desert and river. 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We will take a look at that right now: Seven days after taking office, President Trump

Internet Banking Fraud †Clive Peeters Case Free Essays

One of the most common forms of employee fraud that we have been seeing for quite some time involves access to internet banking. Businesses often have two signatories for company cheques but allow full single user access to their internet banking. The result is an accident waiting to happen. We will write a custom essay sample on Internet Banking Fraud – Clive Peeters Case or any similar topic only for you Order Now An internet banking fraud of $20 million was reported today in the Sydney Morning Herald involved the payroll manager of listed white goods retailer, Clive Peeters. Full story : http://business. smh. com. au/business/employee-admits-stealing-20m-20090811-eh02. tml In that case, the payroll manager invested in proceeds of her fraud in real estate and cars, so the company is hoping to recover some or all of their monies. However in most cases that we have seen, the money is spent or gambled and their is very little or nothing to recover. Other similarities to the cases that we have seen: †¢the amount of the fraud is always larger than expected. The estimates of the Clive Peeters fraud went from $2 million to $7 million to $20 million. †¢the fraud was conducted over a longer period than expected. The current estimate is that the fraud was operating for 18 months. It is vitally important where a business is using internet banking that a two signatory approval for any payments or transfers is put in place. The standard internet banking software provided by the banks is inadequate for business use because it lacks the necessary internal controls. Speak to your bank about obtaining the higher security, multiple signatory version of internet banking. Unfortunately, in our experience, it is not easy to obtain and you have to speak to many people in the bank before you get someone you knows anything about it. How to cite Internet Banking Fraud – Clive Peeters Case, Papers