Richard M. NixonRichard M. Nixon

Hail to the ChiefHail to the Chief

37th President - 1969-1974 - 37th President - 1969-1974 - RepublicanRepublican

President Richard M. Nixon

• Election of 1968– Candidates:

• Republican- Nixon

• Democrat- Hubert Humphrey

• American Independent- Wallace

– Issues• Vietnam

• Courts- criminal rights, prayer in school, school integration,

– Problems in Campaign• Death of Martin Luther King

• Death of Robert F. Kennedy

• Democratic Nat. Convention- Chicago

• Yippies and “Pigasus’

– Outcome- Nixon wins close one.

Nixon Administration• Key Actions

– Space- Moon landing

– Winding down of the Vietnam War

• Cambodian Incursian• Kent State

– Détente• Visit to China and Ping Pong

Diplomacy

• Visit to Russia + S.A.L.T.

– New Federalism• give states control and reduce

Federal Government- deregulation

Troubled Economy Inflation and StagflationInflation and Stagflation Nixon Promised to balance the Nixon Promised to balance the

Budget ($200 Billion) and produce Budget ($200 Billion) and produce a surplus.a surplus.

Tax Reform Act- 1969 ended the Tax Reform Act- 1969 ended the Johnson income tax surcharge.Johnson income tax surcharge.

Vietnam costs rising.Vietnam costs rising. 1969-1970- Nixon proposed wage-1969-1970- Nixon proposed wage-

price guidelines to slow down price guidelines to slow down prices.prices.

Congress created EPA.Congress created EPA. Arab oil embargo caused oil prices Arab oil embargo caused oil prices

to jump in 1973.to jump in 1973. Baby boomers in job market- glut.Baby boomers in job market- glut.

Troubled Economy Aug. 15, 1971- Nixon announced a 90 price Aug. 15, 1971- Nixon announced a 90 price

freeze after prices went up 14.5% (first freeze after prices went up 14.5% (first mandatory wage-price control in peace mandatory wage-price control in peace time.)time.)

Took the country off the gold standard. Took the country off the gold standard. This would end the gold drain to foreign This would end the gold drain to foreign countries turning U.S. dollars in for U.S. countries turning U.S. dollars in for U.S. gold.gold.

10% surcharge on foreign imports. Trying 10% surcharge on foreign imports. Trying to promote sale of U.S. goods abroad and to promote sale of U.S. goods abroad and discourage Americans from buying foreign discourage Americans from buying foreign products- Japan + W. Germany.products- Japan + W. Germany.

The Economy began to thriveThe Economy began to thrive Inflation fell to 3.5%Inflation fell to 3.5% Unemployment droppedUnemployment dropped

Troubled Economy Winding down the Vietnam War- CostsWinding down the Vietnam War- Costs

Economic CostsEconomic Costs The war cost the United States more than $140 billion.The war cost the United States more than $140 billion.

In Vietnam, the last sustained war the nation fought, the United States In Vietnam, the last sustained war the nation fought, the United States spent $111 billion during the eight years of the war, from 1964 to spent $111 billion during the eight years of the war, from 1964 to 1972. Adjusted for inflation, that's more than $494 billion, an average 1972. Adjusted for inflation, that's more than $494 billion, an average of $61.8 billion per year, or $5.15 billion per month. (of $61.8 billion per year, or $5.15 billion per month. (The Pentagon is The Pentagon is spending nearly $5 billion per month in Iraq and Afghanistan, a pace that would bring yearly spending nearly $5 billion per month in Iraq and Afghanistan, a pace that would bring yearly costs to almost $60 billion)costs to almost $60 billion)

Human Costs:Human Costs: There were 540,000 American troops in Vietnam sent by Presidents There were 540,000 American troops in Vietnam sent by Presidents

Kennedy and Johnson, more than 325 men being held prisoners of Kennedy and Johnson, more than 325 men being held prisoners of war, and America was sharply divided over our purpose and our war, and America was sharply divided over our purpose and our presence in Vietnam.presence in Vietnam.

The war left 58,000 American soldiers dead and more than 300,000 The war left 58,000 American soldiers dead and more than 300,000 wounded. Numerous American soldiers also returned home with wounded. Numerous American soldiers also returned home with crippling and long-lasting psychological wounds.crippling and long-lasting psychological wounds.

Troubled Economy• Voyage to the Moon- Apollo 11Voyage to the Moon- Apollo 11

– Televised- Hundreds of millions of Televised- Hundreds of millions of viewersviewers

– 3 Astronauts- Armstrong, Aldrin and 3 Astronauts- Armstrong, Aldrin and Collins.Collins.

– Lunar Module- the “Eagle”Lunar Module- the “Eagle”

– The Eagle has landed on Tranquility The Eagle has landed on Tranquility base. July 20, 1969base. July 20, 1969

– 6 and 1/2 hours on the Moon.6 and 1/2 hours on the Moon.

– Costs- three astronauts killed in a fire Costs- three astronauts killed in a fire on earth and between $25-$35 Billion on earth and between $25-$35 Billion dollars.dollars.

– Benefits- PricelessBenefits- Priceless

Watergate• Pentagon Papers , Leaks and the

Plumbers• Political Spying and Dirty Tricks• Break in at the Democratic

National Headquarters.• Cover-up• Saturday Night Massacre• Investigation

– Special Prosecutors– Tapes

• Impeachment• Resignation- “I am not a crook.”

Commanding Heights- The Specter of Stagflation - PBS

ch_p01_12.htm

New Federalism

Family Assistance Plan

Revenue Sharing

Inflation

Wage and Price Freeze

Going off the Gold Standard