Quote:
Originally Posted by DaddyHalbucks
Economy: stagflation
During Carter's administration, the economy suffered double-digit inflation, coupled with very high interest rates, oil shortages, high unemployment and slow economic growth. Productivity growth in the United States had declined to an average annual rate of 1 percent, compared to 3.2 percent of the 1960s. There was also a growing federal budget deficit which increased to 66 billion dollars.
The 1970s are described as a period of stagflation, meaning economic stagnation coupled with price inflation, as well as higher interest rates. Price inflation (a rise in the general level of prices) creates uncertainty in budgeting and planning and makes labor strikes for pay raises more likely.
http://en.wikipedia.org/wiki/Jimmy_Carter |
That has nothing to do with your claim that Obama would increase government and social programs like Carter. Obama and Carter are polar opposites in their politics. Comparing the two shows a lack of understanding of what Carter did and tried to do as President (which is make government smaller and stop bad spending.