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Although the weakening economy was putting some downward pressure on inflation overall inflation rose in accordance with EAPC, as expected inflation kept rising. The stagflation became more severe in the early 1970s but was suppressed by the price controls and wage freeze imposed by President Nixon starting in August 1971 and through 1972.
The economic problems of the 1970s would result in a sluggish cynicism replacing the optimistic attitudes of the 1950s and 1960s and a distrust of government and technology. Faith in government was at an all-time low in the aftermath of Vietnam and Watergate, as exemplified by the low voter turnout in the 1976 United States presidential election.
Source: Bureau of Economic Analysis The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion.
The U.S. reported a negative economic growth during the period concerning the 1970s and it remained weak till the 1980s as the post world war II economic boom drew to a close. But it was a different type of recession as it was a scenario of stagflation which is a rare economic consequence.
Political pressure led to America's withdrawal from the war in 1973, and the Fall of Saigon in 1975 leading to evacuations of South Vietnamese that same year; the 1973 oil crisis causes a financial crisis throughout the developed world; both the leaders of Israel and Egypt shake hands after the signing of the Camp David Accords in 1978; in 1971 ...
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A new wave of political pressure greeted Federal Reserve Chair Jerome Powell and his colleagues as they gathered in Washington this week to discuss the path of interest rates.
The Nixon shock was the effect of a series of economic measures, including wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold, taken by United States president Richard Nixon on 15 August 1971 in response to increasing inflation.