Yea, I don't like or support Bush, but I thought it was pretty ignorant for Carter to be critical of any President. He has to rank near the top of bad Presidents!
Economy:
Quote:
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.
The economy suffered double-digit inflation, coupled with very high interest rates, oil shortages, high unemployment and slow economic growth.
Nationwide controls were put on thermostats in government and commercial buildings to prevent people from raising temperatures in the winter (above 65 degrees Fahrenheit) or lowering them in the summer (below 78 degrees Fahrenheit).
Price inflation caused interest rates to rise to unprecedented levels (above 12% per year). The prime rate hit 21.5% in December 1980, the highest rate in U.S. history under any President.[19] Investments in fixed income (both bonds and pensions being paid to retired people) were becoming less valuable.
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