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:
“In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up—or else all go down—as one people.”
—Franklin D. Roosevelt (1882–1945)
“Motherhood is the second oldest profession in the world. It never questions age, height, religious preference, health, political affiliation, citizenship, morality, ethnic background, marital status, economic level, convenience, or previous experience.”
—Erma Bombeck (20th century)
“...A shadow now occasionally crossed my simple, sanguine, and life enjoying mind, a notion that I was never really going to accomplish those powerful literary works which would blow a noble trumpet to social generosity and noblesse oblige before the world. What? should I find myself always planning and never achieving ... a richly complicated and yet firmly unified novel?”
—Sarah N. Cleghorn (1876–1959)
“The prime lesson the social sciences can learn from the natural sciences is just this: that it is necessary to press on to find the positive conditions under which desired events take place, and that these can be just as scientifically investigated as can instances of negative correlation. This problem is beyond relativity.”
—Ruth Benedict (1887–1948)