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Word Count: 652
To trace the business cycle of the 1960s you must first realize that the 60s were a time of change for everyone There was the idea of war and peace sex drugs and rock and roll as the saying goes When you look at the economic history in this decade you realize that these things not only affected people socially but also economically At the beginning of the decade the United States was in a recession This was the time of the Kennedy years in the beginning of the sixties As 1961 approached the economy began to improve Galbraith 173 The unemployment level at this time was 55 which was good Galbraith 169 Wages and prices did of course interact with each other to cause inflation during this time period but it was not a serious problem Galbraith 171 The Gross National Product GNP in 1960 was 16653 with a growth of 39 up from 35 in 1947 The Consumer Price Index CPI also told about the economy The CPI was 296 in 1960 which was a growth of 33 up from 22 growth in 1947 Spulber 6 As you can see by these statistics the economy was on a track of growth When people talk about the years of Kennedys presidency they must realize his economic views Kennedy had a Keynesian policy and felt there must be a flow of aggregate demand to maintain the closest possible approach to full employment Galbraith 172 Then a goal was set for the economy They said that economy should expand its aggregate production of goods and services by five percent each year Government action called for either government spending to push economy or tax reduction to release more income to private expenditure Both of these things they felt would ultimately achieve the same result in the end In 1962 taxes were cut to stimulate the economy and keep growth up At this time the revenues from tax
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