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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.
The 1860s were a period of growing protectionism in the United States, while the European free trade phase lasted from 1860 to 1892. The tariff average rate on imports of manufactured goods in 1875 was from 40% to 50% in the United States, against 9% to 12% in continental Europe at the height of free trade. [44]
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.
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]
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 ...
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]
The 1980 United States Census begins. There are 226,545,805 United States residents on this day. New York City's Transport Works Union Local 100 goes on strike, which continues for 11 days. April 7 – The United States severs diplomatic relations with Iran and imposes economic sanctions, following the taking of American hostages on November 4 ...
A 2022 study in PNAS found that earnings inequality in the United States did not increase over the preceding decade, marking the first reversal of rising earnings inequality since 1980. The reversal was due to a shrinking wage gap between low-wage workers and median-wage earners, which was due to broadly rising pay in low-wage professions.