Energy Shortage, High Inflation, and High Unemployment in the 1970s

What are the key economic problems in the 1970s?
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After the end of the Vietnam War, the economy of the United States had started deteriorating. The golden age had ended and the country had entered a recession. There were many problems which started popping up and it was overwhelming the American people. It is important to note that military spending had significantly increased as the presence of American grew in Vietnam. What had begun as a small action under the rule of President Kennedy has grown into a major military initiative during the reign of President Johnson. This paper examines energy shortage, high inflation, and high unemployment as some of the economic problems faced by American in the 1970s.
In 1973, President Nixon informed the Americans about the energy problems that the country was experiencing. The oil embargo by members of the Organization of Petroleum Exporting Countries (OPEC) had hiked the oil prices extremely high and had also created energy shortage. It is keynoting that the oil embargo to the United States was a retaliation of the country’s involvement in the Middle East. The global prices of oil had quadrupled by the end of that year. This caused chaos in the country as gas stations ran out of gas.[The American Yawp, 2013. "28. The Unraveling: The Misery Index." Accessed February 26, 2019.] [The American Yawp, 2013. "28. The Unraveling: The Misery Index." Accessed February 26, 2019.]
Some of the economic problems that face America were traceable to the end of the...