Zeitgeist of the 70’s

-“The sprit of the times”

By Ross Lazerowitz, Deanna Manniello, Elena Tesser, and Stephen Maggio

In order to understand the Recession of the

70’s, we need to understand what was going on in the world

during that time….

THE VIETNAM WAR

THE VIETNAM WARThe U.S entered the war in the 1965, but did not leave until the mid-1970’s

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….

Uncle Sam has to shell out the big bucks when we go to war

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

The war racked up some debt…..

This led toSTAGFLATION

This led toSTAGFLATION

We will come back to this later..

It’s all about Oil

Oil, isn’t that the smelly stuff I put

into my car?

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

Oil is connected to everything

Where does all this “oil stuff” come from?

The middle east!

Specifically-

1973- “The year oil got really expensive”

It’s all good, we got you back

Israel

Tov, toda!

The middle east did not like that the U.S was

supporting Israel

Embargo time!

Oil became very

expensivo

National Speed Limit

Gas Lines

Gas Shortages

Nixon Ordered Cutbacks

There was a lot of pressure on the West to leave the Middle East

All of this added up to a

Time to break out the charts