Year

GDP Growth Rate

Nominal GDP (in billions)

GDP per Capita

Event

1929

NA

$104.6

NA

Hoover became President. His high wage controls combined with the Fed's high interest rates (to defendgold standard) forces more businesses to go bankrupt. Stock market crashed in October.

1930

-8.5%

$92.2

NA

Congress passed Smoot-Hawley Tariffs, restricting global trade. Prices fall 6.4%.

1931

-6.4%

$77.4

NA

Dust Bowl drought begins. Prices fall 9.3%

1932

-12.9%

$59.5

NA

Hoover raised taxes to balance budget, worsening Depression. Prices fall 10.3%.

1933

-1.3%

$57.2

NA

Unemployment hit 25%. Roosevelt became President.New Deal created FDIC, FHA and Social Security. Glass-Steagall passed. Prohibition repealed. Inflation at .8%.

1934

10.8%

$66.8

NA

World trade dropped 66% since 1930. U.S. prices rise 1.5%.

1935

8.9%

$74.3

NA

Social Security enacted. Soil Conservation Act began restoring Dust Bowl. Inflation at 3%.

1936

12.9%

$84.9

NA

Inflation at 1.4%.

1937

5.1%

$93.0

NA

Inflation at 2.9%.

1938

-3.3%

$87.4

NA

Prices fall 2.8%.

1939

8.0%

$93.5

NA

Dust Bowl drought ended.

1940

8.8%

$102.9

NA

Selective Service Act signed. First Social Security checks paid. PA and LA highways open.

1941

17.7%

$129.4

NA

Attack on Pearl Harbor forced US into WWII, ending Depression. Inflation at 9.9%.

1942

18.9%

$166.0

NA

Inflation at 9%.

1943

17.0%

$203.1

NA

Prices rise 3%.

1944

8.0%

$224.6

NA

Bretton-Woods Agreement established U.S. dollar as aglobal currency and launched World Bank and IMF. Inflation rate 2.3%.

1945

-1.0%

$228.2

NA

End of WWII caused 1945 recession. Truman became President.

1946

-11.6%

$227.8

NA

Inflation at 18.1%.

1947

-1.1%

$249.9

NA

Marshall Plan and Truman Doctrine. Cold War began. Inflation at 8.8%.

1948

4.1%

$274.8

NA

Berlin airlift.

1949

-0.5%

$272.8

NA

Recession began. NATO established. Communists took over China. Prices fall 2.1%.

1950

8.7%

$300.2

NA

U.S. entered Korean War.

1951

8.1%

$347.3

NA

Inflation at 6%.

1952

4.1%

$367.7

NA

1953

4.7%

$389.7

NA

Eisenhower became President. Korean War ended.

1954

-0.6%

$391.1

NA

The Dow finally got back to its pre-Depression level. Recession began. Fed kept rate around 1%. Prices fall .7%.

1955

7.1%

$426.2

NA

Supreme Court ordered school desegregation. Fed raised rate to 2.48%.

1956

2.1%

$450.1

NA

Inflation at 3%.

1957

2.1%

$474.9

NA

Fed raised rate to 3%.

1958

-0.7%

$482.0

NA

GDP plummeted 10.4% in Q1. Unemployment at 7.1%. Fed lowered rate to .63%.

1959

6.9%

$522.5

NA

Alaska and Hawaii became states. Fed raised rate to 4%.

1960

2.6%

$543.3

$17,747

1960 recession started. GDP fell 4.2% in Q4. Fed lowered rate to 1.98%.

1961

2.6%

$563.3

$17,862

Unemployment hit 6.1%. JFK became President. Bay of Pigs invasion. Berlin Wall erected.

1962

6.1%

$605.1

$18,655

Cuban Missile Crisis.

1963

4.4%

$638.6

$19,192

JFK assassinated. LBJ became President. Fed raised rate to 3.5%.

1964

5.8%

$685.8

$20,023

Fed raised rate to 3.85%.

1965

6.5%

$743.7

$21,044

U.S. entered Vietnam War. Fed raised rate to 4.32%.

1966

6.6%

$815.0

$22,158

Fed raised rate to 5.76% to fight 3.5% inflation.

1967

2.7%

$861.7

$22,472

Inflation at 3%.

1968

4.9%

$942.5

$23,326

Fed raised rate to 6% to fight 4.7% inflation.

1969

3.1%

$1,019.9

$23,816

Nixon became President. ARPANET created. Man landed on the moon. Fed raised rate to 9.19% to fight 6.2% inflation.

1970

0.2%

$1,075.9

$23,585

Recession. GDP plummeted 4.2% in Q4. Nixon bombed Cambodia. Fed lowered rate to 4.9% to fight recession even though inflation was at 5.6%.

1971

3.3%

$1,167.8

$24,071

Unemployment peaked at 6.1%. Fed lowered rate to 3.5%, then raised it to 5%. Inflation at 3.3%.

1972

5.2%

$1,282.4

$25,080

Inflation at 3.4%.

1973

5.6%

$1,428.5

$26,281

OPEC oil embargo. Nixon took dollar off gold standard, tripling inflation to 8.7%. Fed doubled rate to 11%. U.S. withdrew from Vietnam. Nixon resigned over Watergate.

1974

-0.5%

$1,548.8

$25,898

Wage-price controls had created stagflation. Ford became President. Fed raised rate to 13% to fight 12.3% inflation.

1975

-0.2%

$1,688.9

$25,590

GDP fell 4.8% in Q1, unemployment peaked at 9%. Fed lowered rate to 7.5% despite 6.9% inflation.

1976

5.4%

$1,877.6

$26,707

Fed lowered rate to 4.75%. Inflation at 4.9%.

1977

4.6%

$2,086.0

$27,656

Carter became President. Inflation at 6.7%.

1978

5.6%

$2,356.6

$28,891

Fed raised rate to 10% to fight 9% inflation.

1979

3.2%

$2,632.1

$29,467

Fed raised rate to 15.5% to fight 13.3% inflation, then lowered it to 12% confusing price-setters. Iran hostage crisis. Three Mile Island disaster ends further nuclear construction in U.S.

1980

-0.2%

$2,862.5

$29,041

Fed raised rate to 20%. GDP dropped 7.9% in Q2. Fed lowered rate to 10% by August to boost economy, then raised it to 20% to fight 12.5% inflation. Iran oil embargo.

1981

2.6%

$3,210.9

$29,488

Reagan became President. Fed lowered rate to 12%. Inflation at 8.9%.

1982

-1.9%

$3,345.0

$28,638

To combat 1982 recession, the Garn-St. Germain Depository Institutions Act was passed, removing restrictions on loan-to-value ratios for Savings and Loan banks, while budget cuts reduced bank regulatory staff. Fed lowered rate to 8.5% since inflation was a moderate (in those days) 3.8%.

1983

4.6%

$3,638.1

$29,662

Unemployment was 10.8%. Reagan proposed Star Wars and increased military spending.

1984

7.3%

$4,040.7

$31,519

1985

4.2%

$4,346.7

$32,531

1986

3.5%

$4,590.1

$33,353

Reagan cut taxes. Chernobyl nuclear accident.

1987

3.5%

$4,870.2

$34,114

Black Monday stock market crash. Inflation at 4.4%.

1988

4.2%

$5,252.6

$35,196

Fed raised rate to 9.75% to combat 4.4% inflation.

1989

3.7%

$5,657.7

$36,111

Bush 41 became President. Exxon Valdez oil spill. Invasion of Panama. 1989 Savings and Loan Crisis caused recession. Berlin Wall fell. Fed lowered rate to 8.25% to fight recession, even though inflation was still 4.6%.

1990

1.9%

$5,979.6

$36,378

Iraq invaded Kuwait. Dow fell 18% in 3 months. Inflation rose to 6.1%.

1991

-0.1%

$6,174.0

$35,812

Desert Storm. 1991 recession. Breakup of Soviet Union. Fed lowered rate to 4%.

1992

3.6%

$6,539.3

$36,537

Fed lowered rate to 3%.

1993

2.7%

$6,878.7

$37,094

Clinton became President. NAFTA and European Unionsigned into law. World Trade Center bombed.

1994

4.0%

$7,308.7

$38,139

1995

2.7%

$7,664.0

$38,640

Fed raised rate to 6%. Inflation a moderate 2.5%.

1996

3.8%

$8,100.2

$39,623

Inflation at 3.3%.

1997

4.5%

$8,608.5

$40,897

Thailand cut its dollar peg. Speculators sold all Asian currencies.

1998

4.4%

$9,089.1

$42,183

Russia debt default. Long Term Capital Managementhedge fund nearly collapsed. Fed lowered rate to 4.75%.

1999

4.8%

$9,665.7

$43,716

Y2K scare. Budget surplus. Euro created. Glass-Steagallrepealed. Fed raised rate to 5.5%.

2000

4.1%

$10,289.7

$45,026

Tech bubble burst. Fed raised rate to 6.5% to fight 3.4% inflation.

2001

1.0%

$10,625.3

$45,046

Bush 43 became President. Recession worsened by 9/11 attacks and War on Terror, but helped by Bush tax cuts. Fed started lowering rates.

2002

1.8%

$10,980.2

$45,418

Bush calls for regime change in Iraq, creates Homeland Security.

2003

2.8%

$11,512.2

$46,137

Unemployment at 6%. Fed lowered rate to 1%. Iraq War began.

2004

3.8%

$12,277.0

$47,307

Fed started raising rates.

2005

3.4%

$13,095.4

$48,312

Hurricane Katrina cost $250 billion in damage.

2006

2.7%

$13,857.9

$49,130

Fed funds rate raised to 6.75%. Swine flu epidemic.

2007

1.8%

$14,480.3

$49,571

Dow reached new high of 14,164.43. Inflation at 4.1%. Fed dropped rate 3 times, to 4.25%, to ease banking liquidity crisis. LIBOR rose to 5.6%.

2008

-0.3%

$14,720.3

$48,951

Stock market crash of 2008 led to global financial crisisand $350 billion spent on bank bailout bill. Fed lowered rate 7 times to 0%. See 2008 GDP by quarter.

2009

-2.8%

$14,417.9

$47,041

Obama became President. Dow dropped to 6,594.44.Obama Stimulus Act spent $400 billion, reversed downward spiral. See 2009 GDP by quarter.

2010

2.5%

$14,958.3

$47,772

BP oil spill. Bush tax cuts extended. Obamacare andDodd-Frank passed. See 2010 GDP by quarter.

2011

1.8%

$15,533.8

$48,282

Japan earthquake and Mississippi River floods. 10-year Treasury yield hit 200-year low. Iraq War ended.

2012

2.8%

$16,244.6

$49,800

Presidential campaign and fiscal cliff created business uncertainty. Superstorm Sandy hit East Coast. See U.S. Economy 2012