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1970 – The Environmental Protection Agency is created. 1970 – The Occupational Safety and Health Act, or OSHA, is signed into law. 1971 – Singer Jim Morrison dies of a drug overdose at the age of 27. 1971 – President Richard Nixon ends the United States Gold standard monetary policy, known as the Nixon Shock.
The 1970 United States Census begins. There are 203,392,031 United States residents on this day. President Richard Nixon signs the Public Health Cigarette Smoking Act into law, banning cigarette television advertisements in the United States, starting on January 1, 1971.
Average GDP growth 1947–2009. The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation ...
In the US, the average annual inflation rate from 1900 to 1970 was approximately 2.5%. From 1970 to 1979, however, the average rate was 7.06%, and topped out at 13.29% in December 1979. [ 19] This period is also known for "stagflation", a phenomenon in which inflation and unemployment steadily increased.
The 1970s saw the emergence of hard rock as one of the most prominent subgenres of rock music. Bands like Alice Cooper and Deep Purple were highly popular by 1972. The guitar sounds became heavier and the riffs faster. By the second half of the decade, several bands had achieved star status, namely, Lynyrd Skynyrd, Aerosmith and Kiss.
Thomas Jefferson becomes the 3rd president of the United States on March 4, 1801. First Barbary War, 1801–1805. The Territory Northwest of the River Ohio is admitted to the Union as the State of Ohio (the 17th state) on March 1, 1803. The United States takes possession of the Louisiana Purchase, December 20, 1803.
Reagan Era. The history of the United States from 1964 to 1980 includes the climax and end of the Civil Rights Movement; the escalation and ending of the Vietnam War; the drama of a generational revolt with its sexual freedoms and use of drugs; and the continuation of the Cold War, with its Space Race to put a man on the Moon.
Bank run on the Seamen's Savings Bank during the panic of 1857. There have been as many as 48 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, [1] the consensus view among economists and historians is that "The cyclical volatility of GDP and unemployment was greater before the Great ...