1970's Draft
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Transcript of 1970's Draft
![Page 1: 1970's Draft](https://reader036.fdocuments.us/reader036/viewer/2022062522/58838ad71a28ab07628b64a7/html5/thumbnails/1.jpg)
Zeitgeist of the 70’s
-“The sprit of the times”
By Ross Lazerowitz, Deanna Manniello, Elena Tesser, and Stephen Maggio
![Page 2: 1970's Draft](https://reader036.fdocuments.us/reader036/viewer/2022062522/58838ad71a28ab07628b64a7/html5/thumbnails/2.jpg)
In order to understand the Recession of the
70’s, we need to understand what was going on in the world
during that time….
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THE VIETNAM WAR
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THE VIETNAM WARThe U.S entered the war in the 1965, but did not leave until the mid-1970’s
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THE VIETNAM WARThe U.S entered the war in the 1965, but did not leave until the mid-1970’s
Wars are costly in more ways than Just lives….
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Uncle Sam has to shell out the big bucks when we go to war
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Uncle Sam has to shell out the big bucks when we go to war
At today’s prices, the U.S spent about $700 Billion in the Vietnam War
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The war racked up some debt…..
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This led toSTAGFLATION
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This led toSTAGFLATION
We will come back to this later..
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It’s all about Oil
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Oil, isn’t that the smelly stuff I put
into my car?
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Oil
Senior care
Gas
Clothing
Electronics
Electricity
Plastics
Government Budgets
Travel
Transportation of goods
Groceries
Just a few examples of things affected by oil prices
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Oil is connected to everything
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Where does all this “oil stuff” come from?
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The middle east!
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Specifically-
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1973- “The year oil got really expensive”
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It’s all good, we got you back
Israel
Tov, toda!
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The middle east did not like that the U.S was
supporting Israel
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Embargo time!
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Oil became very
expensivo
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National Speed Limit
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Gas Lines
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Gas Shortages
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Nixon Ordered Cutbacks
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There was a lot of pressure on the West to leave the Middle East
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All of this added up to a
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Time to break out the charts
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