The US still led the world in manufacturing industries that employed many Americans- those industries in decline
Expense of Vietnam War & to a lesser extent of the Great Society raised the Federal GOV deficit from $1.6 billion- 1965- $25.3 billion- 1968- inflation & a wakened dollar
1973- other counties posed overtake- USA as the worlds leading economic power
The American economy suffered from inflation- mostly due to the rising oil price & federal GOV spending
Balance of trade deficit & weakened currency
All this impacted upon the lives of Americans- many of whom had insatiable appetite for the consumer goods & oil (for cars & heating) that they now struggled to afford
