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In 1980, the American standard of living was the highest among the industrial countries, according to the OECD. Out of the 85 million households in the United States, 64% owned their own living quarters, 55% had at least two TV sets, and 51% had more than one vehicle.
In the United States the unofficial beginning and ending dates of national economic expansions have been defined by an American private non-profit research organization known as the National Bureau of Economic Research (NBER). The NBER defines an expansion as a period when economic activity rises substantially, spreads across the economy, and ...
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP .
The United States entered recession in January 1980 and returned to growth six months later in July 1980. [1] Although recovery took hold, the unemployment rate remained unchanged through the start of a second recession in July 1981. [2] The downturn ended 16 months later, in November 1982. [1]
The history of the United States from 1980 until 1991 includes the last year of the Jimmy Carter presidency, eight years of the Ronald Reagan administration, and the first three years of the George H. W. Bush presidency, up to the collapse of the Soviet Union.
1971 – In New York Times Co. v. United States, the Supreme Court rules that the Pentagon Papers may be published, rejecting government injunctions as unconstitutional prior restraint. 1972 – President Richard Nixon visits Mao Zedong in China, an astonishing step in formally normalizing relations between the United States and China.
From 1972 to 1978, industrial productivity increased by only 1% a year (compared with an average growth rate of 3.2% from 1948 to 1955), while the standard of living in the United States fell to fifth in the world, with Denmark, West Germany, Sweden, and Switzerland surging ahead. [51]
Timeline of the history of the United States (1970–1989) 0–9. 1980 in the United States; 1981 in the United States; ... History of the United States (1980–1991) L.