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Unrelenting high unemployment and a feeling that America's best days are behind her? Those of you who old enough to remember, what was it like?
There are a lot of similarities. As you say, unemployment was high and so was inflation. Inflation is not nearly as bad now as it was then, and interest rates are much better today than they were then. While this recession is the worst since the 1975-1984 recession, it is not as bad.
In both cases we had/have a Democrat-controlled Congress and a Democrat President that spent taxpayer money like there was no tomorrow and made the situation even worse. Just like they did during the depression of the 1930s. They never seem to learn.
Unrelenting high unemployment and a feeling that America's best days are behind her? Those of you who old enough to remember, what was it like?
Actually, the REAL HIGH unemployment didn't take place until the Reagan years - when it was even higher than today. When Reagan took office in January of 1981 the unemployment rate was 7.5%. That rate stayed relatively flat until October (nearly a year after Reagan's election) - when it began to climb. It continued to climb all through the next year (1982) until peaking at 10.8% (higher than under Obama) in November and December of 1982 (note that this was 2 full years after Reagan's election).
Carter's problem was not particularly high unemployment, it was high inflation - something we have nearly zero of today. Reagan traded high inflation for high unemployment before finally bringing that down to a period of low inflation & low unemployment (accompanied by massive government spending) during his 2nd term. Most of his first term however was pretty horrid economically - in regards to unemployment FAR worse than the Carter years.
Unrelenting high unemployment and a feeling that America's best days are behind her? Those of you who old enough to remember, what was it like?
Unemployment wasn't all that high and inflation was higher, but I think we are on our way to seeing it return..As for feeling the best days were behind us, yes, part of this was Carter's own doing, he was negative just like Obama thinks he needs to apolgize to the world. It is different but similar.
There are a lot of similarities. As you say, unemployment was high and so was inflation. Inflation is not nearly as bad now as it was then, and interest rates are much better today than they were then. While this recession is the worst since the 1975-1984 recession, it is not as bad.
In both cases we had/have a Democrat-controlled Congress and a Democrat President that spent taxpayer money like there was no tomorrow and made the situation even worse. Just like they did during the depression of the 1930s. They never seem to learn.
Actually, Carter didn't blow the budget. During his term budget deficits were very small. It was under Reagan that the deficit really started to grow.
Unemployment wasn't all that high and inflation was higher, but I think we are on our way to seeing it return..As for feeling the best days were behind us, yes, part of this was Carter's own doing, he was negative just like Obama thinks he needs to apolgize to the world. It is different but similar.
Nita
There WAS a feeling of malaise during that period - but it DIDN'T come from Carter, it was there already when he was elected. It came from the sense of defeat at the end of the Vietnam War (which preceeded Carter). Carter WAS unable to change that feeling however. Reagan DID manage it -which was a very good thing.
Carter will forever be linked to the dangers of run away inflation.
I think Carter's big mistake was he had no congressional experience and he brought with him a lot of his buddies from Georgia to the White House who were totally incompetant.
Presidents don't spend, Congress does. That is basic civics. The House originates all appropriation bills, and it was entirely controlled by Democrats, just like it is now.
LOL. You brainiacs do realize that the unemployment rate that Ford left for Carter is the same figure he left Reagan with? It didn't go into double-digits until your idol, Ronald McAmerica, was in office for nearly two years. So maybe you should be asking if the national mood is like it was during Reagan's first term? Yeah, wishful thinking, I know. Obama has turned around a nearly identical unemployment rate, and a year earlier than your patron Saint.
Liars. This is what we get when kids who simply parrot their parents and/or FOX news get on the internet.
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