The 60's Essay

15671 WordsMar 12, 201263 Pages
TA: Roger R W 11-12 or appointment rerq67 2 contextual/ background realities for the 60s - after WWII the US achieved sustained affluence - In retrospect, 1948 - 1973 the US economy performed in an impressive fashion - “Golden Age” of economy - Reality of the Cold War - 1960s are powerfully influenced by these two things Sustained Affluence - period of sustained affluence came to americans as a pleasant surprise - Followed on the heels of the great depression (carried through all of the 1930s, began to lift in 1940, 1941 with preparation of the war starting around 1939) - Dec 7 1941 Pearl Harbor - Start - 1945 Victory of Japan - End - At one point over 8 million people in military force Beer/ Fear - People believed that depression would come back when people came back from war - Fear was palpable - Pabst Blue ribbon was coming up on 100 anniversary in 1944 (Milwaukee) - Decided to celebrate by having a promotion - To run a contest, Pabst Post War Employment Contest - Write 2000 word essays (8 pages) about how to solve the problem of post war employment - $50,000 in prizes - $25,000 First - $10,000 Second - In 9 weeks they get 35,000 entries and send to economy department of a college - The person who wins is Herbert Stein - Would later emerge as Nixon’s chief economic advisor - Second Leon Keiserling - Truman’s chief economic advisor - Fear was obviously on people’s minds “Golden Age” - American economic performance - Stats 1948 - 1973 - Avg. unemployment: 4.8% (Today it’s 8.6%) - Full employment = about 4% unemployment - Avg. rate of inflation: 3% - Productivity growth is the one measure that bears most significantly on a rising standard of living. You get a growing economy/ rise in standard of living by people participating being more productive - Productivity growth: 2.8% per year (really impressive) - Workers

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