The 1970s were a tumultuous time in American history. One major reason for this was the troubled American economy. A worldwide monetary crisis contributed to the devaluation of the American dollar. Economic resources were drained by the war in Vietnam, as well as the Cold War arms race. An inordinate amount of money was spent by the government to pay for Vietnam, and the national debt ran in the hundreds of billions of dollars.

The American economy suffered from stagflation—rapid inflation and faltering businesses. Between 1970 and 1971, the cost of living increased 15%. In 1971, President Richard M. Nixon took several steps to improve the economy. He ordered a wage, price, and rent freeze for ninety days. Later that year, he signed a bill that ordered a $90 million tax cut. American currency was also taken off the gold standard.

These efforts were not completely successful, in part because...