What was the economy like, in the 1960's?...compared to other decades?
Answer:
It was booming to the point that we {the U.S.} helped make Japan prosperous by buying all their cars & manufactured gadgets.
However the cost of the Viet Nam war put the U.S. very deeply in debt. A debt that is still growing today.
Wars create jobs but they also bankrupt countries!
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The economy was good/stable in the 50s and 60s. In the late 60s and 70s, a lot of people needed to go on welfare.
In the early 1960's Kennedy was the first to institute Keynesian economics - use gov't deficit spending to jump-start a slow economy. It helped at the time - then about 5-6 yrs later it got out of hand.
One interesting thing was that Pres.Johnson asked Congress initiate a 6% surcharge on the Fed income tax in 1966 - everybody's income tax bill was raised by 6% that year (if you owed $5,000 under the normal tax rules, now you owe $5,300 instead). This was to help pay for the Vietnam War. That made the war VERY unpopular.
The Great Society spending (War on Poverty, civil rights, etc) was also expensive and government spengding began to get out of hand. By 1968 inflation was starting up and Johnson decided not to run again - Nixon beat the Dem candidate easily.
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