Economy of 1970s

The period after World War II, known as the “baby booms”, was a period of an economic prosperity. However in 1973-1974 the stock market crash which left the 1970s in a recession.  Walter Wills had said, “It was difficult to find a job as a student, or just in general.” Businesses slowed down, unemployment rises, and people had less money to spend. The economy in our present day is currently in the stage of recovery, where it’s starting to improve. However finding a student job is much easier now because of all the opportunities businesses are offering.

On average, Walter was given an allowance of $5 a week plus the extra cash he gain through his student job he successfully obtained. In comparison to what I receive as an allowance, Walter got a lot less. Usually I would have about $20 of pocket change, that’s equivalent to what Walter got within a month! Prices of goods were most definitely a whole lot cheaper, compared to our present day prices. Gasoline was around $0.20/L, potatoes were $0.05/lb, and a gallon of milk was $1.15. Today gasoline prices are around 125cents/L, potatoes are $0.99/lb, and milk is about $3.50 a gallon.  The quality of life increased since the 1970s.