Economy in 1960's

The Vietnam War was a long, costly and divisive conflict that pitted the communist government of North Vietnam against South Vietnam and its principal ally, the United States. The conflict was intensified by the ongoing Cold War between the United States and the Soviet Union. More than 3 million people (including over 58,000 Americans) were killed in the Vietnam War, and more than half of the dead were Vietnamese civilians.

John F. Kennedy was elected President on November 8, 1960. He would lead the United States for three years before being assassinated by Lee Harvey Oswald. He was one of the key leaders throughout the Vietnam War.

After continuing to rise through December 1961, however, the stock market experienced a massive decline. Through June 1962, the S&P 500 experienced a 22.5% decline. The Dow Jones Industrial Average dropped 5.7% on May 28, 1962 alone, in what was termed the "Flash Crash of 1962".

The Equal Pay Act of 1963 is a United States labor law amending the Fair Labor Standards Act, aimed at abolishing wage disparity based on sex. It was signed into law on June 10, 1963, by John F. Kennedy as part of his New Frontier Program.

The United States Revenue Act of 1964, also known as the Tax Reduction Act, was a tax cut act proposed by President John F. Kennedy, passed by the 88th United States Congress, and signed into law by President Lyndon B. Johnson. The act became law on February 26, 1964. Individual Tax Rates. Reduced individual tax rates (top rate dropped from 91% to 70%). Corporate Tax Rates. Reduced top corporate tax rate from 52% to 48%. Corporate Estimated Tax Payments. Phased-in acceleration of corporate estimated tax payments through 1970. Minimum Standard Deduction. Created minimum standard deduction of $300 + $100/exemption (total $1,000 maximum).

The Civil Rights Act of 1964, which ended segregation in public places and banned employment discrimination on the basis of race, color, religion, sex or national origin, is considered one of the crowning legislative achievements of the civil rights movement. First proposed by President John F. Kennedy, it survived strong opposition from southern members of Congress and was then signed into law by Kennedy’s successor, Lyndon B. Johnson. In subsequent years, Congress expanded the act and passed additional civil rights legislation such as the Voting Rights Act of 1965.

President Lyndon B. Johnson signs Medicare, a health insurance program for elderly Americans, into law. The Medicare program, providing hospital and medical insurance for Americans age 65 or older, was signed into law as an amendment to the Social Security Act of 1935. Some 19 million people enrolled in Medicare when it went into effect in 1966.

President Johnson, in his annual State of the Union message to Congress, asks for enactment of a 6 percent surcharge on personal and corporate income taxes to help support the Vietnam War for two years, or “for as long as the unusual expenditures associated with our efforts continue.” Congress delayed for almost a year, but eventually passed the surcharge. The U.S. expenditure in Vietnam for fiscal year 1967 would be $21 billion.

The Fair Housing Act of 1968 prohibited discrimination concerning the sale, rental and financing of housing based on race, religion, national origin or sex. Intended as a follow-up to the Civil Rights Act of 1964, the bill was the subject of a contentious debate in the Senate, but was passed quickly by the House of Representatives in the days after the assassination of civil rights leader Martin Luther King, Jr.