I find it interesting to reexamine the past 40 years of American history since America’s domestic oil production peaked in 1970 through that lens. Some aspects of that momentous event are clearly obvious—for instance we have since become totally dependent upon oil imports to keep our economy running. Other changes in our society are much subtler—such as the fact that the average working person’s wages when adjusted for inflation have been virtually stagnant since the Nixon administration.
Not coincidentally, I would argue, gambling has in recent years shaken off its Mafia-dominated roots and has ridden a wave of legalization to spread far and wide across the landscape. In 1970, there was only one place in America where you could go a wager your paycheck without the risk of being arrested, and that place was Las Vegas. And it wasn’t the sanitized, Disneyfied Las Vegas of today either. The casinos were grungier, and effectively run by the Kansas City mob. If you failed to make good on your losses, you’d likely get a visit from a couple of hired goons who had a price list of what body part they would break depending on how much you owed.
Beyond southern Nevada, there were a handful of state lotteries, the first one having been established by the state of New Hampshire a mere six years earlier. Gambling was frowned upon by religious institutions who fought vigorously the keep the wages of sin away from local communities.
This all began to change during the first era of economic stagnation in the 1970s. Three years after the first round of gas lines hit the country in 1973, Atlantic City became the second location in America to legalize “gaming” as it came to be known, and began building its own casinos as fast as it could. The rundown New Jersey beach resort would become the first of many locales to try to use Americans’ insatiable desire to get something for nothing as a basis to finance urban renewal. Though controversial at the time, this pattern would become so pronounced going forward as to become routine today.
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