Economic and Social Conditions
Unlike the New Deal, which was a response to a severe financial and economic calamity, the Great Society initiatives came just as the United States' post-World War II prosperity was starting to fade, but before the coming decline was being felt by the middle and upper classes. President Kennedy proposed an across-the-board tax cut lowering the top marginal rate by 20%, from 91% to 71%, which was enacted in February 1964 under President Johnson (three months after Kennedy's assassination). The tax cut also significantly reduced marginal rates in the lower brackets as well as for corporations. The gross national product rose 10% in the first year of the tax cut, and economic growth averaged a rate of 4.5% from 1961 to 1968.
Disposable personal income rose 15% in 1966 alone. Federal revenues increased dramatically from $94 billion in 1961 to $150 billion in 1967. As the Baby Boom generation aged, two and a half times more Americans would enter the labor force between 1965 and 1980 than had between 1950 and 1965.
Read more about this topic: Great Society
Famous quotes containing the words economic and, economic, social and/or conditions:
“If in the earlier part of the century, middle-class children suffered from overattentive mothers, from being “mother’s only accomplishment,” today’s children may suffer from an underestimation of their needs. Our idea of what a child needs in each case reflects what parents need. The child’s needs are thus a cultural football in an economic and marital game.”
—Arlie Hochschild (20th century)
“Under weak government, in a wide, thinly populated country, in the struggle against the raw natural environment and with the free play of economic forces, unified social groups become the transmitters of culture.”
—Johan Huizinga (1872–1945)
“Just as modern mass production requires the standardization of commodities, so the social process requires standardization of man, and this standardization is called equality.”
—Erich Fromm (1900–1980)
“The Settlement ... is an experimental effort to aid in the solution of the social and industrial problems which are engendered by the modern conditions of life in a great city. It insists that these problems are not confined to any one portion of the city. It is an attempt to relieve, at the same time, the overaccumulation at one end of society and the destitution at the other ...”
—Jane Addams (1860–1935)