History in Recession

(This shortened historical review by Sal J. Foderaro seems similar to the recession that were suffering now and how it was way back in the 1960's.)


Old problems grew worse, and new problems arose to confront the United States in 1966. Those two burning issues of the sixties-the war in Vietnam and the civil-rights struggle at home-left Americans sharply divided and often confused. Little progress was made toward settling either problem during the year. Indeed in many ways they seemed further than ever from solution.
As the United States continued to pour troops into southeast Asia, and as battle casualties mounted, the debate at home over our involvement in the war grew more and more intense. In previous years, protests against the Johnson administration's policies had been confined to an outspoken but small minority. But in 1966, dissatisfaction spread until public-opinion polls showed the country about evenly divided on the issue. Highlighting the national concern over Vietnam was President Johnson's tour of the Far East in October.
Even those opposed to the conduct of the war were far apart in their opinions. Some thought the United States was doing too much in Vietnam. Others felt it was doing too little. But whatever the reason, the conflict in Vietnam had become the most unpopular war that the nation had ever fought.
The effects of the war were reaching into all phases of American life. Rising draft quotas touched off a controversy over the whole selective-service system. And the practice of deferring most college students came under special criticism. The war's enormous drains on the country's economy also began to show an effect. The result was what economists call an "overheating" of the economy. That is, the economy was being forced to produce goods and services near the limit of its capacity. This brought about a heavy demand for money, which caused inflation and higher interest rates on all forms of credit.


Will you allow history to repeat itself?