Answered Essay: Give several examples of paradigms that existed fifty years ago (circa 1967) involving public

Give several examples of paradigms that existed fifty years ago (circa 1967) involving public policies and government that are rejected today.

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Nixonomics can be seen as the combination of two words “Nixon” and “economics” which mainly refers to the U.S. President Richard Nixon’s economic performance. When Nixon became president of the USA, the country was facing a weaker economic situation. In 1969, a tax bill was passed in Congress which promoted various ideas of Nixon which included the repeal of the investment tax and removing more than 2 million poor American from the clutches of the tax burden. After one year, the performance of the bill was not as per expectations. This plan was given to Congress in 1971 which was having a budget deficit of $11.6 billion. At that time, Nixon also supported Keynesian economic principles in which it was suggested that for the economy to revive from the recession, government expenditure is compulsory.

In August 1971, A new plan was made by Nixon which included some extreme measures and thus it was seen as “Nixon Shocks”. In this policy, he announced that gold windows will be closed and gold is no longer transferable to US Dollar. This resulted in 8% devaluation of the currency and thus increased American exports and domestic economy. Along with this, a 90-day freeze on wages and prices and determination of cost of living was also declared.

In 1972, the rate of unemployment continued to increase. At this time, the government supported the economy with $25.2 billion budget and the money supply was increased by 9%.After the reelection of Nixon, the economy started to show the recovery with decreasing unemployment and inflation and thus economy revived from a recession. But after some time, inflation again increased. Even there were also other impacts on the economy when the failed wage and price controls were lifted. By 1973 inflation increased 8.8 percent, then 12.2 percent in the following year.

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