The United States had entered the conflict in Vietnam as the world’s superpower following its decisive victory over the Axis powers in World War II, but left Vietnam with a humiliating defeat, shockingly high casualties, American public sharply divided and its leaders uncertain of what lay ahead in foreign policy. The nation’s longest and most debilitating war – the only war the U.S. ever lost, had far-reaching consequences and impact on most aspects of American life from the economy, culture to domestic politics and foreign policy – some of which continue to do so today.The Vietnam War damaged the U.S. economy severely. The U.S. had poured some $168 billion into the war, but the real cost of the conflict was its impact on the economy.
After a few truly good years during 1962 – 1965 when there was low inflation, almost full employment and a favorable balance of trade<span>, </span>President Lyndon B. Johnson, who succeeded President Kennedy after his assassination in 1963, declared a “War on Poverty” through his “Great Society” programs while escalating the war in Vietnam at the same time.
However, his decision to finance both “guns and butter” – a major war and the Great Society simultaneously, without a significant increase in taxes unleashed an acceleration of inflation peaking at a runaway double-digit in mid 1970s.
Not until 1969 did President Johnson decided to introduce a 10% income tax surcharge, which is considered by many economists “too little and too late” and in turn also slowed down the economy. It’s worth mentioning that Congress would not allow that “surcharge” to be implemented until President Johnson agreed to cut $6 billion from domestic spending on Great Society programs. Despite their relative success, Johnson could have undoubtedly spent more on these programs had he not had to pay for the war abroad, which Martin Luther King, Jr. had referred to as a “America’s tragic distraction” at the beginning of Johnson administration
The economy during the War of Independence of the United States was largely subsistence agriculture in rural New England, particularly in the mountainous cities of central and western Massachusetts. Some residents in these areas had few assets beyond their land, and goods and services were exchanged. In times of scarcity, farmers could obtain products on credit from suppliers in local market cities that would be paid when times were better. On the contrary, there was a market economy in the more economically developed coastal areas of Massachusetts Bay and in the fertile valley of the Connecticut River, driven by the activities of wholesalers dealing with Europe and the West Indies. The state government was dominated by this mercantile class.
When the Revolutionary War ended in 1783, the European commercial partners of the Massachusetts merchants refused to grant them credit lines and insisted that they pay for the goods with hard currency, despite the shortages throughout the continent of that currency. The merchants began to demand the same from their local business partners, including those who operated in the market towns within the state. Many of these merchants passed this demand on to their clients, although Governor John Hancock did not impose a strong demand for foreign exchange on the poorest borrowers and refused to actively prosecute the collection of delinquent taxes. The rural agricultural population generally could not meet the demands of merchants and civil authorities, and some began to lose their lands and other possessions when they could not meet their tax and debt obligations. This led to strong resentments against tax collectors and courts, where creditors obtained judgments against debtors, and where tax collectors obtained rulings authorizing property seizures. A farmer identified as "Arado Jogger" summed up the situation at a meeting convened by aggrieved plebeians.
Answer:His treaty punished both the Red Sticks and the Creek who had fought by his side with a cession of 23 million acres-nearly half of the Creek land. His terms and unwillingness to negotiate earned him the Creek nickname of "Sharp Knife."\
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