Recession in The United States
The early 1980s recession was a severe recession in the United States which began in July 1981 and ended in November 1982. The primary cause of the recession was a contractionary monetary policy established by the Federal Reserve System to control high inflation. In the wake of the 1973 oil crisis and the 1979 energy crisis, stagflation began to afflict the economy of the United States.
Read more about this topic: Early 1980s Recession
Famous quotes containing the words united states, united and/or states:
“The United States never lost a war or won a conference.”
—Will Rogers (1879–1935)
“To the United States the Third World often takes the form of a black woman who has been made pregnant in a moment of passion and who shows up one day in the reception room on the forty-ninth floor threatening to make a scene. The lawyers pay the woman off; sometimes uniformed guards accompany her to the elevators.”
—Lewis H. Lapham (b. 1935)
“The genius of the United States is not best or most in its executives or legislatures, nor in its ambassadors or authors or colleges, or churches, or parlors, nor even in its newspapers or inventors, but always most in the common people.”
—Walt Whitman (1819–1892)