The World in 1988

Stats

• U.S. Population: 244,498,982
  (In 2008: 300 million)


• World Population: 5.1 billion
  (In 2008: 6.5 billion)
  
• Life expectancy: 74.9 years
  (In 2003: 77.5)


• Violent Crime Rate (per 1,000): 56.6
  (In 2004: 46.6)


• Median Household Income: $27,225
  (In 2003: $65,093)


• Unemployment: 5.5%
  (In 2008: 4.7)


• Yearly Inflation Rate USA: 4.08%


• Year End Close Dow Jones Industrial Average: 2168


• Interest Rates Year End Federal Reserve: 10.50%
  


• Average Cost of new house: $91,600.00


• Average Monthly Rent: $420.00


• Average Price for new car: $10,4000.00


• 1 gallon of gas: 91 cents


• Movie Ticket: $3.50


• Dozen Eggs: 65 cents


• Cost of a first-class stamp: $0.22 (increased to $0.25 April 3, 1988)

• Most popular given names in 1970 – Boys: Michael, David, John, James, Robert, Christopher, William, Mark, Richard, Brian (In 2006 – Jacob, Michael, Joshua, Ethan, Matthew, Daniel, Christopher, Andrew, Anthony, William.)

• Most popular given names in 1970 – Girls: Jennifer, Lisa, Kimberly, Michelle, Angela, Maria, Amy, Melissa, Mary, Tracy (In 2006 – Emily, Emma, Madison, Isabella, Ava, Abigail, Olivia, Hannah, Sophia, Samantha.)

Events

• President: Ronald W. Reagan, Vice President: George Bush


• Robert C. McFarlane, former National Security Adviser, pleads guilty in Iran-Contra case (March 11).


• US Navy ship shoots down Iranian airliner in Persian Gulf, mistaking it for jet fighter; 290 killed (July 3).


• Democratic convention nominates Gov. Michael Dukakis of Massachusetts for President and Texas Senator Lloyd Bentsen for Vice President (July 17).


• Republican convention nominates George Bush for President and Indiana Senator Dan Quayle for Vice President (Aug. 15 et seq.).


• Republicans sweep 40 states in election, and Bush beats Dukakis (Nov. 8).


• NASA scientist James Hansen warns congress of the dangers of the global warming and the greenhouse effect.
  
• US and Canada reach free trade agreement (Jan. 2).
  
• Terrorists kill nine tourists on Aegean cruise (July 11).
  
• Benazir Bhutto, first Islamic woman prime minister, chosen to lead Pakistan (Dec. 1).
  
• After 8 years and 1.5 million dead in Iran, the Iraq war ends.
  
• Earthquake in Armenia Kills 60,000.
  
• Suspected Libyan terrorist bomb explodes on Pan Am jet over Lockerbie in Scotland killing all 259 on board and 11 on the ground (Dec. 21).
  
• Australia celebrates its bicentennial.
  
• A new drug “crack” appears (a derivative of cocaine) and is increasingly found in US cities.
  
• Archaeologists uncover the original Globe Theatre in London.
  
• Soviet Red Army withdraws from Afghanistan.
  
• Panama leader General Manual Noriega, is charged with drug smuggling and money laundering.
  
• Yasser Arafat is invited to address the U.N. General Assembly.

Science in 1988

• First transatlantic fiber optic cable laid able to carry 40,000 telephone calls simultaneously
  
• Stephen Hawking Publishes ' A Brief History Of Time '
  
• The first major computer virus infects computers connected to the Internet.
  
• The Hubble Space Telescope is put into operation
  
• The US Stealth Bomber is unveiled
  
• Using Carbon Dating it is established that the Turin Shroud Can Not Be the Burial Cloth of Christ
  
• The Antidepressant Prozac introduced which quickly became the market leader for treating depression