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John F. Kennedy: Difference between revisions
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The economy turned around and prospered during Kennedy's presidency. The GDP expanded by an average of 5.5% from early 1961 to late 1963,<ref name="Bureau of Economic Analysis" /> while inflation remained steady at around 1% and unemployment eased.<ref name="GDP 1913 to 2002">{{cite web|url=https://www.census.gov/statab/hist/HS-36.pdf |archive-url=https://web.archive.org/web/20050511134314/http://www.census.gov/statab/hist/HS-36.pdf |url-status=dead |archive-date=May 11, 2005 |title=Consumer and Gross Domestic Price Indices: 1913 to 2002 |publisher=U.S. Census Bureau |year=2003 |access-date=February 23, 2012 }}</ref> Industrial production rose by 15% and motor vehicle sales increased by 40%.<ref name="Statistical Abstract 1964">{{cite web | url = http://www2.census.gov/prod2/statcomp/documents/1964-01.pdf | title = Statistical Abstract of the United States, 1964 | publisher = U.S. Department of Commerce | date = July 1964 | access-date = March 28, 2010 | archive-date = May 17, 2020 | archive-url = https://web.archive.org/web/20200517120228/https://www2.census.gov/prod2/statcomp/documents/1964-01.pdf?sec_ak_reference=18.1860fea5.1589716948.d31603e | url-status = live }}</ref> This sustained rate of growth in GDP and industry continued until around 1969.<ref name="Bureau of Economic Analysis" /> | The economy turned around and prospered during Kennedy's presidency. The GDP expanded by an average of 5.5% from early 1961 to late 1963,<ref name="Bureau of Economic Analysis" /> while inflation remained steady at around 1% and unemployment eased.<ref name="GDP 1913 to 2002">{{cite web|url=https://www.census.gov/statab/hist/HS-36.pdf |archive-url=https://web.archive.org/web/20050511134314/http://www.census.gov/statab/hist/HS-36.pdf |url-status=dead |archive-date=May 11, 2005 |title=Consumer and Gross Domestic Price Indices: 1913 to 2002 |publisher=U.S. Census Bureau |year=2003 |access-date=February 23, 2012 }}</ref> Industrial production rose by 15% and motor vehicle sales increased by 40%.<ref name="Statistical Abstract 1964">{{cite web | url = http://www2.census.gov/prod2/statcomp/documents/1964-01.pdf | title = Statistical Abstract of the United States, 1964 | publisher = U.S. Department of Commerce | date = July 1964 | access-date = March 28, 2010 | archive-date = May 17, 2020 | archive-url = https://web.archive.org/web/20200517120228/https://www2.census.gov/prod2/statcomp/documents/1964-01.pdf?sec_ak_reference=18.1860fea5.1589716948.d31603e | url-status = live }}</ref> This sustained rate of growth in GDP and industry continued until around 1969.<ref name="Bureau of Economic Analysis" /> | ||
Kennedy was proud that his Labor Department helped keep wages steady in the steel industry, but was outraged in April 1962 when [[Roger Blough]], the president of [[U.S. Steel]], quietly informed Kennedy that his company would raise prices.{{sfn|Parmet|1983|p=238}} In response, Attorney General Robert Kennedy began a [[price-fixing]] investigation against U.S. Steel, and President Kennedy convinced other steel companies to rescind their price increases until finally even U.S. Steel, isolated and in danger of being undersold, agreed to rescind its own price increase.{{sfn|Giglio|2006|pp=130–134}} An editorial in ''The New York Times'' praised Kennedy's actions and stated that the steel industry's price increase "imperil[ed] the economic welfare of the country by inviting a tidal wave of inflation."<ref name="NY Times 1962">{{cite news | title = Inflation in Steel | date = April 12, 1962 | work = | Kennedy was proud that his Labor Department helped keep wages steady in the steel industry, but was outraged in April 1962 when [[Roger Blough]], the president of [[U.S. Steel]], quietly informed Kennedy that his company would raise prices.{{sfn|Parmet|1983|p=238}} In response, Attorney General Robert Kennedy began a [[price-fixing]] investigation against U.S. Steel, and President Kennedy convinced other steel companies to rescind their price increases until finally even U.S. Steel, isolated and in danger of being undersold, agreed to rescind its own price increase.{{sfn|Giglio|2006|pp=130–134}} An editorial in ''The New York Times'' praised Kennedy's actions and stated that the steel industry's price increase "imperil[ed] the economic welfare of the country by inviting a tidal wave of inflation."<ref name="NY Times 1962">{{cite news | title = Inflation in Steel | date = April 12, 1962 | work = The New York Times | url = http://select.nytimes.com/gst/abstract.html?res=F00615FD3F5C117B93C0A8178FD85F468685F9 | access-date = February 24, 2012 | archive-date = March 31, 2024 | archive-url = https://web.archive.org/web/20240331040143/https://www.nytimes.com/1962/04/12/archives/inflation-in-steel.html | url-status = live }}</ref> Nevertheless, the administration's Bureau of Budget reported the price increase would have caused a net gain for the GDP as well as a net budget surplus.{{sfn|Reeves|1993|p=300}} The stock market, which had steadily declined since Kennedy's election in 1960, dropped 10% shortly after the administration's action on the steel industry took place.{{sfn|Reeves|1993|pp=318–320}} | ||
====Civil rights movement==== | ====Civil rights movement==== | ||