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 |
Wait a second there neoman. Wasn't it you who blamed Clinton for all the ailments of the first Bush term? You can't have it both ways.
You probably don't remember , but you were too young or stupid or both, but Carter wanted us off of foreign oil and warned repeatedly. He wanted solar panels on every home. Those ideas sucked didn't they?
Then cam Reagan and threw out all the ideas that would have made us a much stronger country.