Question

GDP rose very rapidly in the USA in the 1960s and early 1970s. One reason was a large increase in the workforce? What was happening during that time that led to so many more people looking for jobs?

Answer 1

by the end of the 1960s, the government's failure to raise taxes to pay for these efforts led to accelerating inflation, which eroded this prosperity. The 1970s' Effect on the Economy The 1973-1974 oil embargo by members of the Organization of Petroleum Exporting Countries pushed energy prices rapidly higher and created shortages.