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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.
President Richard Nixon. Nixonomics, a portmanteau of the words "Nixon" and "economics", refers either to the performance of the U.S. economy under U.S. President Richard Nixon [1] (i.e. the expansions in 1969 and from 1970 to 1973 during the broader Post–World War II economic expansion and the recessions from 1969 to 1970 and from 1973 to 1975) or the Nixon administration's economic policies.
The Watergate scandal was a major political scandal in the United States involving the administration of President Richard Nixon which began in 1972 and ultimately led to Nixon's resignation in 1974.
The new “Watergate babies” undid the seniority system that had governed Congress, opened up the candidate nomination process, and brought into the open previously back-room decision making.
A look at the Watergate scandal timeline that brought down the Nixon presidency. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ...
Today's Highlights in History: On June 23, 1972, President Richard Nixon and White House chief of staff H.R. Haldeman discussed using the CIA to obstruct the FBI's Watergate investigation.
The Act effectively removed the impoundment power of the president and required him to obtain Congressional approval if he wants to rescind specific government spending. President Nixon signed the Act with little protest because the administration was then embroiled in the Watergate scandal and unwilling to provoke Congress. [6]
An early use of the concept was in 1868. The term "wage-price spiral" appeared in a 1937 New York Times article about the Little Steel strike.In the 1970s, US President Richard Nixon attempted to break what he saw as a "spiral" of prices and costs, by imposing a price freeze, with little effect.