Economic and Social Conditions
Unlike the New Deal, which was a response to a severe financial and economic calamity, the Great Society initiatives came just as the United States' post-World War II prosperity was starting to fade, but before the coming decline was being felt by the middle and upper classes. President Kennedy proposed an across-the-board tax cut lowering the top marginal rate by 20%, from 91% to 71%, which was enacted in February 1964 under President Johnson (three months after Kennedy's assassination). The tax cut also significantly reduced marginal rates in the lower brackets as well as for corporations. The gross national product rose 10% in the first year of the tax cut, and economic growth averaged a rate of 4.5% from 1961 to 1968.
Disposable personal income rose 15% in 1966 alone. Federal revenues increased dramatically from $94 billion in 1961 to $150 billion in 1967. As the Baby Boom generation aged, two and a half times more Americans would enter the labor force between 1965 and 1980 than had between 1950 and 1965.
Read more about this topic: Great Society
Famous quotes containing the words economic, social and/or conditions:
“The chief reason warfare is still with us is neither a secret death-wish of the human species, nor an irrepressible instinct of aggression, nor, finally and more plausibly, the serious economic and social dangers inherent in disarmament, but the simple fact that no substitute for this final arbiter in international affairs has yet appeared on the political scene.”
—Hannah Arendt (1906–1975)
“Imagination is always the fabric of social life and the dynamic of history. The influence of real needs and compulsions, of real interests and materials, is indirect because the crowd is never conscious of it.”
—Simone Weil (1909–1943)
“If there is a species which is more maltreated than children, then it must be their toys, which they handle in an incredibly off-hand manner.... Toys are thus the end point in that long chain in which all the conditions of despotic high-handedness are in play which enchain beings one to another, from one species to another—cruel divinities to their sacrificial victims, from masters to slaves, from adults to children, and from children to their objects.”
—Jean Baudrillard (b. 1929)