3 years ago

Why do you think president nixons attempts to end stagflation failed?

1 answer:

8 0

The correct answer to this open question is the following.

President Nixon's attempts to end stagflation failed because he tried to reduce the amount of money in circulation, he allowed inflation rates to increase, prices went high, and he tried to cut expenditure but Congress intervened and did not allow this to happen. People did not like the idea to pay more taxes neither that prices were high. Unemployment rates increased in this period and the US economy jeopardized. Another thing Nixon decided to do was to devaluate the dollar, facing the Oil Embargo imposed on the United States by the Arab countries.

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