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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 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.
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]
America's economy has exploded since 1989. Gross domestic product, which measures all of the goods and services produced in a year, grew from $9.9 trillion to $22.5 trillion from 1989 to 2023 ...
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.
For all of 1991, the United States incurred a net loss of 858,000 jobs, with 1.154 million created in 1992 and 2.788 million in 1993. Other factors contributed to a slow economy, including a slump in office construction resulting from overbuilding during the 1980s. [8]
The United States exited recession in late 1949, and another robust expansion began. This expansion coincided with the Korean War, after which the Federal Reserve initiated more restrictive monetary policy. The slowdown in economic activity led to the recession of 1953, bringing an end to nearly four years of expansion. May 1954– Aug 1957 39 ...
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