jan 9, 1970 - economic downturn

Description:

-energy crisis -> oil shortage
-federal government took measures to conserve use of oil
-military spending in Vietnam
-federal spending on the Great Society
-the US was falling behind in the industrial global market
-changed the economy to one relying on services rather than manufacturing
-despite efforts, presidents were unable to overturn
-American cities were struggling to keep up with the prospering suburbs -> more people moved to the suburbs
-income inequality increased again

Stagflation:
-described the condition in which inflation and unemployment were rising at the same time

-America's industrial sector was being dismantled
Deindustrialization:
-dismantling in manufacturing and industrialization in post-WWII decades
-employment and labor union decline

Rust Belt:
-once heavily industrialized regions that went into decline after deindustrialization, leaving abandoned plants and distressed communities

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