Aug 9
Nixon Resigns
Richard Nixon became the first and only US president to resign. Facing certain impeachment for Watergate, he boarded a helicopter on the White House lawn and flashed his trademark V-sign. Gerald Ford took the oath.
πΊπΈUnited States Β· 70s
Nixon Resigns
A president resigns, the economy staggers, and streaking goes mainstream.
What happened
5 milestones of 1974
Sep 8
Ford Pardons Nixon
President Ford granted Nixon a full pardon for any crimes committed during his presidency. The decision was wildly unpopular and likely cost Ford the 1976 election.
Year-round
Stagflation Grips the Economy
Inflation hit 11% while the economy contracted β 'stagflation,' a word Americans had to learn. The oil crisis, Vietnam spending, and loose monetary policy collided.
Apr 8
Hank Aaron Breaks Ruth's Home Run Record
Hank Aaron hit his 715th home run, breaking Babe Ruth's all-time record. He did it despite receiving death threats and racist hate mail. 'Thank God it's over,' he said.
Feb 4
Patty Hearst Kidnapped
Newspaper heiress Patty Hearst was kidnapped by the Symbionese Liberation Army. She later appeared to join them, robbing a bank. Was she brainwashed or willing? America debated for years.
What was playing
70% local Β· 30% international
What was in cinemas
The Godfather Part II
Francis Ford Coppola β The rare sequel that equals the original. DeNiro and Pacino. Won Best Picture.
Chinatown
Roman Polanski β 'Forget it, Jake. It's Chinatown.' Jack Nicholson in the greatest noir since Double Indemnity.
Blazing Saddles
Mel Brooks β Mel Brooks destroyed every Western clichΓ© β and every taboo. The funniest film of the decade.
The Texas Chain Saw Massacre
Tobe Hooper β Made for $140,000. Leatherface terrorized a generation. Horror went raw.
Young Frankenstein
Mel Brooks β 'It's Fronkensteen!' Gene Wilder and Brooks in their comic masterpiece.
What was on TV
Happy Days
1974-1984 β 1950s nostalgia for the 1970s. The Fonz said 'Ayyy!' and America loved it.
Good Times
1974-1979 β The Evans family in the Chicago projects. 'Dy-no-mite!'
Rhoda
1974-1978 β Mary Tyler Moore's best friend got her own show. Rhoda's wedding drew 52 million viewers.
All in the Family
1971-1979 β Still #1. Norman Lear dominated television.
The Rockford Files
1974-1980 β James Garner as Jim Rockford. The coolest PI on TV lived in a trailer.
How much things cost
Currency: USD
Gallon of milk$1.39
Gallon of gas$0.53
New house (median)$35,900
New car (average)$4,000
Loaf of bread$0.28
Movie ticket$1.87
Inflation: 11.0%
Double-digit inflation hit American families hard. Gas prices spiked 35% in one year. Recession and inflation together β stagflation.
Then vs. Now
Inflation-adjusted values
Gallon of milkBLS
1974 (USD)
$1.39
β
Today's value ($)
--
Gallon of gasEIA
1974 (USD)
$0.53
β
Today's value ($)
--
New house (median)Census Bureau
1974 (USD)
$35,900
β
Today's value ($)
--
New car (average)BLS
1974 (USD)
$4,000
β
Today's value ($)
--
Loaf of breadBLS
1974 (USD)
$0.28
β
Today's value ($)
--
Movie ticketNATO
1974 (USD)
$1.87
β
Today's value ($)
--
Technology
UPC barcode scanned
The first UPC barcode was scanned at a grocery store in Troy, Ohio β a pack of Wrigley's gum.
Post-It Notes invented
3M's Art Fry found a use for a weak adhesive. Post-It Notes would conquer offices.
Rubik's Cube invented
ErnΕ Rubik created the puzzle in Hungary. It would become the world's best-selling toy.
Liposuction developed
The first modern liposuction technique was developed in Italy.
TCP/IP protocol
Vint Cerf and Bob Kahn published the TCP specification β the foundation of the internet.
Pop Culture
Fashion
Wrap dresses (Diane von Furstenberg)Denim on denimEarth shoes
Slang
Streakingβ Running naked in public β a 1974 craze
Keep on truckin'β Keep going, don't stop
Psychedβ Excited, pumped up
Behavior
- Streaking became a national fad β including at the Oscars
- Watergate destroyed trust in government for a generation
- CB radios became popular as truckers shared gas station intel
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