Everything that is happening in our fractured nation today seems so worrisomely reminiscent of America’s last lost decade — the 1970s.
For those who don’t remember, the late 1970s under part-time President Gerald Ford and then much worse under President Jimmy Carter was one economic and national security setback after another.
The witches’ brew of high inflation of 7% to 10% by 1979 and ever-increasing tax rates — which rose as high as 70% — drove the economy into a ditch. Real family incomes cratered under Carter because inflation rose so much faster than family take-home pay. Homes became unaffordable, with interest rates on mortgages skyrocketing up to 17%. Gas prices tripled. Carter blamed “Big Oil” and “invested” in pipe-dream green energy alternatives that all went bankrupt.
Every time inflation rose, the economic whiz kids in Washington assured us the high prices were just temporary. (They didn’t use the term “transitory.”) When prices kept rising, Carter blamed corporate greed and installed price controls and windfall profits taxes — which only made problems worse.
On college campuses, we saw student protesters occupying the offices of the college presidents. Race riots turned our inner cities into powder kegs.
Because America was so weak at home, our enemies abroad capitalized as Soviet tanks rolled into Afghanistan and troops into Nicaragua, while Iran held Americans hostage.
Federal spending and debt soared, and the private sector started shrinking.
Carter’s response to the bad news was to point at the American people and lecture us to turn down the thermostat, put on a sweater, and learn to live with less. But even he didn’t threaten to abolish air conditioning and gas heat.
The new term that slid into the American lexicon was “stagflation.” This was the combination of high prices and sluggish economic growth.
Does any of this sound familiar?
President Joe Biden’s prescription for the U.S. economy isn’t to reverse course. It is Carterism on steroids. More price controls, higher taxes on the rich and businesses, and another $2 trillion in spending on programs like student loan “forgiveness,” green energy subsidies, and mortgage relief programs.
The tax rate on investment would soar well above 50%. As former Trump economist Larry Kudlow has put it, “Biden thinks he can tax America into prosperity.”
On energy policy, he’s doubling down on his commitment to “net zero” fossil fuel production, and will command people to buy $70,000 electric vehicles made in China.
When the vast majority of Americans say they are financially worse off, he doesn’t feel their pain. He shames them for not appreciating the wonderful things he’s done and the virtues of Bidenomics.
That message is a little tone-deaf given that Americans are worried about ’70s-style stagflation making a comeback. Inflation is trending back up at the same time GDP growth has slowed to a 1.6% trickle.
The Biden response is Americans are unappreciative, and we are all selfish for not wanting to live with less and give up our gas stoves and SUVs in order to save the planet.
In his infamous “malaise speech” in the summer of 1979, Carter spoke of a national “crisis of confidence” and lectured Americans about too much “self-indulgence” and learning to consume less and conserve more. He even talked about “threats to democracy.” Instead of inspiring the nation, he put the country in a funk.
Just like Jimmy Carter then, Joe Biden is offering four more years of austerity and sacrifice and bigger, more intrusive government. That platform won the incumbent Carter 41% of the vote in 1980.
Stephen Moore is a visiting fellow at the Heritage Foundation and a senior economic advisor to Donald Trump. His latest book is: “Govzilla: How the Relentless Growth of Government Is Devouring Our Economy.”
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No, Pres Biden and company are heading the country to an era worse than Pres. Carter — The point of no return.
I’m afraid we have surpassed Jimmy Carter’s failures. Jimmy Carter was an intelligent man, however he had no leadership abilities whatsoever. Joe Biden fells on all accounts, no intelligence, no leadership, and no morals. God help our country.
Biden makes President Carter look like a great President. I think Carter was at least honest, which cannot be said about Biden!
Ole Joe and his minions want to destroy America in order to form a global world. The only way he can do that is by making our money worthless. Raising prices. Shortage of supplies that way prices rise even more. On top of that mandating e vehicles and appliances. You will obey ole Joe or else. The else is poverty for every citizen. You don’t comply they will let another pandemic lose on America. And continue printing more money. Unless we get rid of ole Joe and his minions in the house and senate this will happen.
Jimmie Carter would be a godsend compared to this idiot. At least Carter had morals and integrity. Neither of which Biden has.
FROM 01/21/20 to 03/30/24, the Inflation rate is 21.4%+ (climbing) overall!!! Some categories are at 50%+!!! And this brain-dead pseudo president as the mouthpiece of the Marxist-Leninists running the country into the ground!!! It will take 4years plus for Trump to turn this Xiden dictatorship around!!!
As pathetic as it sounds, I would gladly take the weak jimmy peanuts and his lame administration over this illegitimate, communist/fascist hybrid regime any day of the week. peanuts was incompetent and ill-suited for the job, but this regime’s sole mission is to burn this country to the ground. BIG difference!
Is Biden taking America back to the age of JImmy Carter? I hope not! Carter was a disaster.
It is far, far worse than Carter. Obiden has to be in the cesspool of lousy presidents.
Sorry, I can’t use the word President in referring to the people in the White House managing the ‘elderly man with the poor memory’ in the White House!
no, he’s taking us back to FDR and Hoover
There was a hope when Carter led the country That no longer is a case We are at the point where U turn is not an option
“President” Biden never had much adversity to deal with, or had to work hard. He’s always held office in liberal stronghold areas, so his “victories” were always “in the bag”, even before the big “fake-ballot election night” of 2020.
He really doesn’t know what his policies could do, or are doing, to cause harm by way of interest rates, consumer pricing, commodity shortages, national defense, etc. His detachment from responsibility likely caused a lot of his wayward son Hunter’s development and adjustment issues.
In short, He’s just a “zero” who tries to act like someone of character and importance. Not that the damage he does is unimportant, but, damage is about all he does. It’s pretty outrageous that his name will always be listed among America’s smart, strong, dynamic, national leaders.
Biden is actually worse. Carter, for an academy man, was a wuss and a fool. Biden is worse, He too is a fool and kisses every wacko’s A,,,s but is also so out of touch every caniving DC animal manipulates him to get every crazy policy through.
Guess that makes Trump “like Reagan”! Biden is a moron.
One has to wonder why President Trump is putting himself through Hell and back to be our president when the country is in such a catastrophic mess. Pres.Trump will have more to deal with than any other president ever has had when he enters the WH that Biden created. Dealing with the very corrupt Deep State should be #1 but how?! Obama infiltrated OUR govt. agencies with his sycophants and it’s a thorough mess. #2 foreign policy – bringing the U.S. back as a respected role model and world leader will be a gargantuan task after the weakness exposed for the past 3 1/2 years. #3 the economy should be Trump’s wheelhouse and I’ve no doubt he can do that quickly. #4 Putting the Democrat Left in its place or dismantling it entirely. The Democrat Party needs to be dissolved and if possible, reborn as a decent, patriotic representative of all the people. That is a task for Goliath. He will need all our help to do that. There is more, of course, yet Pres. Trump’s belief in our nation and his patriotism is helping keep him on the path and strong. VOTE RED!
Just a history lesson:
Carter is THE reason we have 29% interest rates on credit cards. Before the Carter era, Usury Laws said that any rate exceeding 6 or 7% above prime was Usury, and a crime. Under that economic wizard Carter, home mortgage rates soared into the upper teens. As a result, congress had to pass new laws (wiping out the Usury Laws) to allow credit cards to charge as much as 29% interest. Thank you Jimmy.
So if you’re complaining that your CC interest rates are too high, blame the Democrats.
And the one guy that has proven himself as the one to turn things around, unfortunately, will only have 4 years to do what Reagan had 8 years to do. Considering that 50% of the supposed conservatives won’t cooperate, it’s unlikely Trump will be fully successful.
American voters seem so uneducated but they had better wake up soon!
Nope. He’s taking it to the Age of Satan.
He has done much worse than Carter!
Jimmy Carter wasn’t looking to hand over America to our enemies, including the wef.
Well maybe things will work out,but,JIMMY CARTER may have been a not so good president,but,he was a good and caring person,while biden is a totally very bad person and a worse president.AMERICA survived PRESIDENT CARTER,I don’t know if we will survive biden and his cult.
Why don’t we ask Dr First Lady Jill Biden what is going on and who to blame since she has a PhD, which makes her all-knowing in “knowledge”? I guess with all the wipeout of real historical facts ( that 1970s period described in this article did occur) current views don’t want to realize that they are repeating the same mistake AGAIN because they think they are not wrong. I guess they have to literally fall on their faces to realize.
Biden is taking the country closer to Stalin!
More like the Biden administration is taking US into George Orwell’s 1984.
“Biden the Inept” corrupt Regime will draw even less votes than Carter did or Ford.
Well, if that is his intent, remember Carter was a one term president.
And the hands of the Federal Reserve stirring the pudding.
Another thing happening now, from the 1970’s, was cooler temperatures. That is the global warming people (Al Gore!!) left out the whole decade in their “warming” calculations. Otherwise, their math wouldn’t have worked. A LOT of scientists on the original climate teams resigned over that fudged data. And one wrote a book, very enlightening.
I remember I was annoyed at Jimmy Carter, but a least he didn’t sell out our country. Joe Biden has acheived the status of the worst president in history, he’ll go down in infamy along with his administration.
I suffered all through the jimmy carter years. We were LUCKY to have a great President in Ronald Regan to save America from liberal greed and lies. The tax rate on investment would soar well above 50%. As former Trump economist Larry Kudlow has put it, “Biden thinks he can tax America into prosperity.”?? I am worried the fix is set for President Trump as it was in 2020. VOTE and report ANY voting cheating as was then. OK??
Carter??? Hell, I’d take his policies over this anti-American domestic enemy!!!! This ficker is only guided by his marionette handlers.
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