News
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
view the rest of the comments
First off, inflation doubled between 1965 and 1970, as it hit 5.5% in 1970. Then, the act was seen as “a political dare,” according to top Nixon official George Shultz — the Democrats thought Nixon wouldn’t use the powers they’d granted him, but he called their bluff. Republicans accused them of using it as an election year ploy to make it look like they were seriously fighting inflation. Democrats held Congress later that year, so in that way perhaps it helped, but they'd been in control since 1955, so their grip on power was pretty firm.
Nixon initially refused to use his authority, but then a year after the ESA's passage inflation kept rising at a break-neck pace, and he started the Nixon Shock, which helped him get reelected with 520 electoral votes in 1972. So in that way, the pressures Nixon was facing were a lot like the pressures Biden's currently facing. As it turns out, however, inflation kept rising through the mid 70s, and what was initially a political success, when paired with the 1973 oil crisis, quickly caused the 73-75 recession which was marred by stagflation. So it sounded good on paper, but wound up royally fucking the entire middle and working classes in multiple countries, as the unemployment rate nearly doubled.