Friday, June 27, 2008

Of War and Inflation - 1969

Time Magazine reported on Nixon's efforts to deal with soaring prices during his first days in office in 1969. Already the number of Vietnam war dead (33,641 Americans) had surpassed the Korean War total by 12, making it the fourth deadliest war in U.S. history. Aware that even with conscription a depreciating dollar was touching more people than an overseas bloodbath - "a family that had an income of $10,000 in 1965 would need $11,330 [in 1969] just to stay in place" - Nixon made controlling prices his administration's top priority.

No comments: