Nixonomics
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. Nixon is the first president to have his surname combined with the word "economics".
Nixon won a weak economy from President Lyndon B. Johnson. In 1969, a tax bill passed that held several Nixon ideas, including a repeal of the investment tax credit and removal of two million of the nation's poor from the tax rolls. After a year it was becoming obvious that the plan wasn't working. Nixon gave his budget plan to congress in 1971 in which he was to use a $11.6 billion deficit. Nixon then publicly agreed with Keynesian economic principles which stated that government expenditure could take the nation out of their recession, which was a considerably unusual view for a Republican president.
Arthur F. Burns, Nixon's appointee to chair the Federal Reserve, shifted away from a tight-money policy because the nation's unemployment was sharply rising as was inflation. In the early months of 1971, Nixon started criticizing the growing wages in the steel industry, so he created the Tripartite Committee to keep a closer watch on the construction industry. Treasury Secretary John Connally announced that the government would need to start taking new measures. Despite this, unemployment had reached 6 percent.
In August the government had made a new plan for the economy with rather extreme measures, measures which would later be dubbed "Nixon Shocks". The plan was announced on August 15, 1971 in a national televised address. Nixon declared that the gold window would be closed and that gold would no longer be transferable to US dollars. This created an 8 percent devaluation to the dollar, as compared to other major currencies of the time, stimulating American exports and the domestic economy. A 90-day freeze on wages and prices and the establishment of the cost-of-living council was also announced. He neglected to inform any allies beforehand, causing some problems between the countries.
By 1972, unemployment had continued to rise, with 2 million more Americans out of jobs than in 1969. The administration decided it was time to stimulate the economy with a $25.2 billion budget. In the election year, the money supply was expanded by 9 percent. This caused many to accuse Nixon and Burns of making a deal so that Nixon could win the upcoming election and Burns to keep his government position. Both men denied the accusation.
By the fall of 1972, the economy began to improve. Unemployment was finally dropping and inflation was staying relatively in control. America had temporarily gotten out of the recession. Inflation soon increased after the election. When the failed wage and price controls were lifted, other problems took their toll on the American economy. An expanded money supply, the effects of increased deficits and the rising price of oil all left their mark on the American economy. By 1973 inflation increased 8.8 percent, then 12.2 percent in the following year.
Other presidential "-omics"
- Carternomics
- Reaganomics
- Clintonomics
- Bushonomics
- Obamanomics
- Trumponomics
- Bidenomics
Further reading
- Leonard Silk, Nixonomics: How the Dismal Science of Free Enterprise Became the Black Art of Controls
References
- ^ Olson, James S.; Mendoza, Abraham O. (28 April 2015). American Economic History: A Dictionary and Chronology. Bloomsbury Publishing USA. p. 435. ISBN 978-1-61069-698-2. Retrieved 12 February 2024.
External links
- The Rising Attack on "Nixonomics", Time, February 2, 1970
- http://www.presidentprofiles.com/Kennedy-Bush/Richard-M-Nixon-nixonomics.html
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culture
- "Nixon goes to China"
- Millhouse (1971 film)
- An Evening with Richard Nixon (1972 play)
- Richard (1972 film)
- Another Nice Mess (1972 film)
- Four More Years (1972 film)
- Impeach the President (1973 song)
- The Werewolf of Washington (1973 film)
- White House Madness (1975 film)
- All the President's Men (1976 film)
- The Public Burning (1977 novel)
- Washington: Behind Closed Doors (1977 miniseries)
- Secret Honor (1984 film)
- Nixon in China (1987 opera)
- The Final Days (1989 film)
- Nixon (1995 film)
- Elvis Meets Nixon (1997 film)
- Futurama (1999 TV series)
- Dick (1999 film)
- Nixon's China Game (2000 film)
- Dark Side of the Moon (2002 film)
- The Assassination of Richard Nixon (2004 film)
- Frost–Nixon interviews (2006 play, 2008 film)
- Black Dynamite (2009 film)
- "The Impossible Astronaut" (2011 TV episode)
- Our Nixon (2013 film)
- X-Men: Days of Future Past (2014 film)
- Crooked (2015 novel)
- Elvis & Nixon (2016 film)
- The Post (2017 film)
- Watergate (2019 board game)
- U.S. postage stamp
- Jack Brennan (aide de camp)
- Murray Chotiner (early campaign manager)
- Manolo Sanchez (valet)
- Rose Mary Woods (secretary)
- Thelma "Pat" Ryan Nixon (wife)
- Tricia Nixon Cox (daughter)
- Julie Nixon Eisenhower (daughter)
- Christopher Nixon Cox (grandson)
- Jennie Eisenhower (granddaughter)
- Francis A. Nixon (father)
- Hannah Milhous Nixon (mother)
- Donald Nixon (brother)
- Edward Nixon (brother)