The election was important because it was federalist v anti federalist. The events that made it were that there were fights and chaos. There was also a victory for democratic-republicans.
1. 1970 (having an 11.04% rate of inflation)
2. Increased involvement in the Vietnam War, Great Society programs fully in effect.
"The late 1960's increase in inflation was due to the increase of taxes, increase the issuance of currency and cutting public expenditures, in the Lyndon B Johnson government, in order they could meet the military expenses they where having at that moment thanks to the Vietnam war."
3. Consumers lose purchasing power with inflation forcing them to buy less.
"If there is an increase in inflation but not in salary, the amount of earnings will not be powerful enough overtime, which means American consumers would be needing more money to satisfy their daily requirements."
Principles include, promoting low taxes, low social-services spending, and high military spending.
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