Eleven months before he was assassinated as he rode with his
wife in the back seat of an open convertible in a motorcade through
downtown Dallas, President John F. Kennedy delivered a major
address to the Economic Club of New York at the Waldorf-Astoria
Hotel on December 14, 1962.
The unemployment rate that month was 5.5 percent. The annual inflation rate was 1.3 percent.
The sticker price on a new Chevy Impala convertible was $2,919. Gas was 31 cents a gallon. A morning coffee and newspaper was 15 cents -- a dime for the coffee, a nickel for the paper. Cheeseburgers were 20 cents.
The minimum wage in 1962 was $1.15. For 50 weeks at 40 hours per week, that's $2,300 a year -- 79 percent of the price of a new Impala convertible.
The 1962 federal deficit $7.1 billion, more than double the $3.3 billion in federal red ink in 1961.
The $7.1 billion deficit was 1.3 percent of GDP. For 2012, the Office of Management and Budget projects that the federal deficit will hit 8.5 percent of GDP, over six times higher than in 1962, relative to the size of the economy.
President Kennedy began his address to the Economic Club of New York by stating that U.S. security is directly linked to the strength of the nation's economy.
Read more: http://spectator.org/archives/2012/10/25/back-when-democrats-knew-econo
The unemployment rate that month was 5.5 percent. The annual inflation rate was 1.3 percent.
The sticker price on a new Chevy Impala convertible was $2,919. Gas was 31 cents a gallon. A morning coffee and newspaper was 15 cents -- a dime for the coffee, a nickel for the paper. Cheeseburgers were 20 cents.
The minimum wage in 1962 was $1.15. For 50 weeks at 40 hours per week, that's $2,300 a year -- 79 percent of the price of a new Impala convertible.
The 1962 federal deficit $7.1 billion, more than double the $3.3 billion in federal red ink in 1961.
The $7.1 billion deficit was 1.3 percent of GDP. For 2012, the Office of Management and Budget projects that the federal deficit will hit 8.5 percent of GDP, over six times higher than in 1962, relative to the size of the economy.
President Kennedy began his address to the Economic Club of New York by stating that U.S. security is directly linked to the strength of the nation's economy.
Read more: http://spectator.org/archives/2012/10/25/back-when-democrats-knew-econo
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