In 1974, the Sears Tower in Chicago was completed, Bill Clinton lost his bid for a congressional seat, Dr. Seuss published "There's a Wocket in My Pocket" and Turkish Airlines Flight 981 crashed due to a mechanical failure. This year also marked the famous Rumble in the Jungle boxing match between Muhammad Ali and George Foreman.
In 1974, disco was king. The World Champions of that year were the Oakland Athletics and the Superbowl VIII champs were the Miami Dolphins. King Faisal was Time Magazine's Man of the Year and the Best Film Oscar Winner was "The Godfather: Part II."
The cost of living back in 1974 was much cheaper than it is today. A gallon of gas was priced at around 53 cents and a new car to put that gas into would only cost around $3,500. A gallon of milk set consumers back $1.39 and a loaf of bread was priced at 28 cents. The average income at the time was around $9,668 per year.
In 1974, the population of the United States was 213,853,928. As of 2014, the U.S. population was around 317 million. The impeachment hearings for Richard Nixon began in May of 1974 and the IRA began bombing Great Britain.