# data[].attributes.body
"the economy depended heavily on exports of those resources and imports of many other basic and finished products."

# data[].attributes.body
“Thomas Jefferson, a Virginia planter and principal drafter of the Declaration of Independence, led one faction. That group wanted the United States to remain an agrarian society with minimal government intrusion.

The other faction was led by Alexander Hamilton, one of General Washington’s top aides in the Revolutionary War against Great Britain. His group sought a strong federal government to promote U.S. manufacturing through government support of infrastructure improvements, protective tariffs on imports, a strong currency and central banking.”

# data[].attributes.body
"outlines the federal government’s role in the economy. At Hamilton’s insistence, it gives the federal government and not the individual states the power to issue money. Hamilton’s objective was to create a strong national currency for a creditworthy economy."

# data[].attributes.headline
1788: Constitution outlines government involvement in economy

# data[].attributes.subject
1788: Constitution outlines government involvement in economy

# data[].attributes.body
"The Constitution prohibits tariffs on goods moving between states. It gives the federal government sole power to regulate this interstate commerce and to impose tariffs on foreign imports."

# data[].attributes.body
“The first Congress in 1789 imposed the first U.S. tariffs to raise revenue and to protect U.S. manufacturers of glass, pottery and other goods.”

# data[].attributes.headline
George Washington became the first president/farming dependency, 1789

# data[].attributes.subject
George Washington became the first president/farming dependency, 1789

# data[].attributes.body
"eight out of 10 Americans lived on farms, mostly just feeding themselves, and the largest U.S. city, New York, had only 22,000 residents."

# data[].attributes.body
"They disliked the higher prices on imports, but they liked the government revenue that paid for canals, roads and railroads."

"By far the most divisive regional issue was slavery. Northern states, with economies grounded in industrial manufacturing, had over time abolished slavery, but the South’s wealthy planters depended on African-American slaves to harvest tobacco, sugar, hemp, and, above all, cotton."

# data[].attributes.body
"11 southern states seceded from the United States and created the Confederate States of America [... it] ended slavery, and it led to many more changes."

# data[].attributes.headline
First railroad that links East and West coast 1869

# data[].attributes.subject
First railroad that links East and West coast 1869

# data[].attributes.body
"The first railroad linking the Atlantic and Pacific coasts, completed in 1869, enabled a true national economy to develop, one capable of trading on equal terms with Europe and Asia. "

# data[].attributes.body
"U.S. manufacturing and commercial output surpassed farm output in value. With European financial backing, new industries and railroad lines proliferated, attracting immigrant labor to the North’s sprawling cities."

# data[].attributes.body
"The new industrial economy did not make all Americans prosperous. Debt-ridden farmers in the South and West were battered by tight credit and falling commodity prices. Severe economic recessions wracked workers and businesses in the 1870s and again in the 1890s."

# data[].attributes.body
"From 1800 to 1890, the typical time required for a farmer to produce 100 bushels of wheat plunged from about 300 hours to roughly 50."

# data[].attributes.headline
19th Century: Inventions and Innovations in the US

# data[].attributes.subject
19th Century: Inventions and Innovations in the US

# data[].attributes.body
"The 19th century delivered other startling U.S. inventions and innovations, including Samuel Morse’s telegraph, Alexander Graham Bell’s telephone and Thomas Edison’s light bulb and phonograph, and systems for distributing electric power to homes and businesses."

# data[].attributes.body
"President Theodore Roosevelt, a Republican, vigorously enforced antitrust law to break up concentrations of economic power in railroads, oil, beef and tobacco. President Woodrow Wilson, a Democrat, strengthened the antitrust laws and started collecting income taxes from corporations and wealthy individuals."

# data[].attributes.headline
Electrical Power Introduction to Industry, early 20th century

# data[].attributes.subject
Electrical Power Introduction to Industry, early 20th century

# data[].attributes.body
"electric power surged throughout the U.S. economy, powering factories, promoting automated manufacturing, lighting offices and homes, illuminating department stores and movie theaters, lifting elevators in skyscrapers and powering city streetcars and subways."

# data[].attributes.body
"In the early 20th century, a political movement called Progressivism found adherents among both major political parties, Democrats and Republicans alike. The Progressive movement reflected a growing sense among Americans that, as historian Carl Degler wrote, 'the community and its inhabitants no longer controlled their own fate.'"

# data[].attributes.body
"In 1913, Wilson also acted to create the Federal Reserve, the first U.S. central bank chartered since the 1830s."

# data[].attributes.body
"The 1920s saw strong U.S. economic expansion and prosperity for many Americans but also increasing speculation in the stock market."

# data[].attributes.body
"Prices collapsed, impoverishing farms, businesses and families. About 40 percent of U.S. banks failed and many depositors lost their savings. The United States imposed punitive tariffs on imports, and its trading partners retaliated in kind, spreading the economic contraction around the world. The U.S. unemployment rate approached 25 percent."

# data[].attributes.headline
Roosevelt injects the government into typical private sector domain 1933

# data[].attributes.subject
Roosevelt injects the government into typical private sector domain 1933

# data[].attributes.body
"Roosevelt injected the federal government into economic activities previously deemed the domain of the private sector. A controversial example was created in 1933 of the Tennessee Valley Authority, a federally chartered corporation formed to control flooding and generate electric power in an impoverished region of the South.:

# data[].attributes.body
"Factories supplied war materiel to U.S. and Allied armed forces in both the European and Pacific theaters. The U.S. auto industry ceased producing private vehicles and produced tanks instead, 30,000 during 1943 alone."

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"the United States stood alone as the world’s greatest economic power", 1945

# data[].attributes.subject
"the United States stood alone as the world’s greatest economic power", 1945

# data[].attributes.headline
World Bank and International Monetary Fund promote balanced financial system 1944

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World Bank and International Monetary Fund promote balanced financial system 1944

# data[].attributes.body
"U.S. influence led to the creation in 1944 of the International Monetary Fund and World Bank to promote a balanced global financial system."

# data[].attributes.body
Taxes were raised in the U.S. to finance the war, but Federal Reserve maintained anti-inflammatory policies

# data[].attributes.body
"After World War II, international trade and finance became ever more crucial to the U.S. economy. By the 1950s the value of farm and factory output was surpassed by the output of services such as wholesale and retail trade, finance, real estate, health, law, and education."

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Johnson passes Medicaid and Medicare 1965

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Johnson passes Medicaid and Medicare 1965

# data[].attributes.body
"In 1965 President Lyndon Johnson pressed Congress to expand sharply the social safety net by passing Medicare and Medicaid government health insurance programs for the old and poor. "

# data[].attributes.body
The U.S. fights on behalf of southern Vietnam. Citizens of U.S. oppose the war, protests and public displeasure ends up in U.S. pulling out of war. The war increases the economy, which was pulling out of a recession.

# data[].attributes.body
Significant increase in military spending by the government. Due to back-to-back wars, taxes are increased to help fund the wars. Increase in taxes leads to poor economy.

# data[].attributes.headline
1970s: Conflict in the Middle East and fighting inflation

# data[].attributes.subject
1970s: Conflict in the Middle East and fighting inflation

# data[].attributes.body
"An inflationary spiral began during the Johnson administration and got worse through the 1970s. During that time President Richard Nixon had briefly imposed government wage and price controls in a failed attempt to arrest inflation. Oil shocks to the U.S. economy following the 1973 Arab-Israeli War and 1979 Islamic revolution in Iran contributed to stagnant economic performance. The inflationary spiral did not end until the U.S. Federal Reserve raised interest rates sharply in 1981–1982, causing a recession."

# data[].attributes.body
"marked resumption of robust economic expansion and a rise in stocks. Those policies also marked, however, the start of a climb in government debt. This time also saw a widening income gap between the wealthiest Americans and the rest of the populace."

# data[].attributes.headline
Reagan introduces tax cuts and business deregulation 1980's

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Reagan introduces tax cuts and business deregulation 1980's

# data[].attributes.body
"Tax cuts and business deregulation pursued by President Reagan in the 1980s marked resumption of robust economic expansion and a rise in stocks."

# data[].attributes.headline
Federal Reserve raises interest rates 1981-1982

# data[].attributes.subject
Federal Reserve raises interest rates 1981-1982

# data[].attributes.body
"The inflationary spiral did not end until the U.S. Federal Reserve raised interest rates sharply in 1981–1982, causing a recession."

# data[].attributes.body
“From World War II until 2007, Americans experienced periods of unprecedented economic expansion and prosperity, propelled in part by the 76 million Americans born in the 1946–1964 “baby boom.” The recessions that did occur in the postwar years until 2000 were relatively short and did relatively less harm to Americans’ lives than the depressions of previous eras.”

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1990s: Economic Boom because of computer innovation 

# data[].attributes.subject
1990s: Economic Boom because of computer innovation 

# data[].attributes.body
"California-based entrepreneurs introduced transformative computer technologies. These sparked new domestic and international consumer markets, and invigorated the U.S. economy. The raw material for semiconductors gave the California center of computing innovation the name Silicon Valley.  The 1990s (not unlike the 1920s) saw strong economic expansion, increased prosperity and stock market speculation. When the resulting “dot com” bubble burst in 2000, the stock market crashed and the economy went through a short recession."

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Wealthiest countries in the world negotiate GATT 1995

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Wealthiest countries in the world negotiate GATT 1995

# data[].attributes.body
"The world’s wealthiest countries subsequently negotiated a General Agreement on Tariffs and Trade for reducing import tariffs. The World Trade Organization succeeded the GATT in 1995."

# data[].attributes.body
“In the first decade of the 21st century, the United States engaged in costly wars in Afghanistan and Iraq. Meanwhile, the cost of providing Americans with health care increased sharply at great cost to federal, state, and local governments. Federal government debt, already $3.4 trillion in 2000, was approaching $14 trillion in 2011, an increasing proportion of it owed to foreigners.”

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“The overbuilt housing market crashed in 2007, followed in 2008 by a financial crisis that spread to much of the world. For the first time since the Great Depression, U.S. unemployment soared to 10 percent in 2009, slipping only to 8.8% by March 2011”

# data[].attributes.body
"Federal government debt, already $3.4 trillion in 2000, was approaching $14 trillion in 2011, an increasing proportion of it owed to foreigners."