THIS time, the Democrats are doing it all by themselves, just to prove they can, I guess.
The National Debt when Reagan took office in Jan 2021 was $990 billion. We are now approaching a $30 trillion National Debt and where was all of this money spent?
Carter and Nixon both pursued stupid borderline socialist economic policies. Let’s not forget Carter’s attempt at wholesale price fixing which led to the worst gas lines we’ve ever seen. Then there was the “windfall profits tax”. And there was Carter on the radio blaming Americans for the energy crisis, which just told us that Carter didn’t really know what to do.
-PJ
Yeah blame it on the Republican, 50 years after the fact. The answer is no. Jimmy was an idiot, plain & simple. Now go back to your naval gazing entertainment.
Nixon considered the closing of the gold window his most important achievement while in office.
Other countries were scoffing up US dollars and trading them to the US Treasury for gold bars, France being the biggest offender.
Prior to that US citizens could not own more than one ounce of gold, thanks to FDR. If caught with some, it was confiscated without compensation, and fines and penalties were handed out.
I know it was controversial at the time but personally, I think his biggest mistake was opening up China. I liked it better when it was just a huge, poor and technically backward country.
Nixon believes the Keynsian nonsense. And instituted things like wage and price controls.
It needs to be remembered that Ronald Reagan received his economics degree BEFORE the New Deal economic theories took hold. His was a classic Adam Smith Wealth of Nations education.
Contrast that with George H.W. Bush, who also had an economics degree, but received after WWII. That’s why Bush called Reaganomics “voodoo” economics, because he was never taught about the “invisible hand,” etc. And why he could be talked into tax increases. And Bush was also a Nixon protege.
Trump at the Wharton School probably received a more classical economics education, and decades in business taught him how economies really work.
These two schools of thought, one based on reality and one based in theory have been battling it out since the New Deal.
The U.S. dollar inflation of the 1970s was the direct result of perhaps the most idiotic fiscal policy adopted by the U.S. government up to that time -- involving the massive growth of entitlements through the "Great Society" programs while pursuing a major military campaign in Vietnam at the same time.
It's no coincidence that the 2007-2008 meltdown occurred after the George W. Bush administration did the same thing.
Nixon took us off the gold standard which hurt our economy, but corrected it by creating the Petro Dollar, having Kissenger negotiate our support for the Arabs.
Carter, by not supporting the Sha of Iran, created the problems as the Arabs saw that as breaking Nixon’s deal.
Nixon simply adopted like “ a read my lips “ Bush idiot a policy a Carterite jubilantly cheered for, namely the abandoning of the gold standard.
Back then before communism, you had the haves with gold and the have nots without it. Nowadays you have the haves with assets and the have less with debt.
Thank you Nixon for ushering big government, since big government never loses, even when becoming a spending drone without rudder, now disinterested in creating wealth thanks to free money and interests.
Nixon was only part of the story. Johnson tried a “Great Society” while fighting a war. You can have war or massive welfare, but not both at the same time.
In the end, they'll pin as much misery as they can on Trump...
I can’t remember all the details of the different presidencies, but I remember something of the situation when Carter was in with his price & wage freezes. At least many wages were frozen, but there was a way around some of it with prices. The end result was not good. Something similar seems to be happening now. Of course most of us already knew Biden would be a disaster.
OPEC did. But Carter helped.
As I remember Nixon was blessed with a leftist congress which taxed and spent like drunken sailors. Nixon is known for “sequestering” congressionally-mandated expenses until the Supreme Court ruled that he had to spend them.
“We’re all Keynsians Now”
They keep inflation low now by removing anything from the calculation that would make it go to high.
Doesn’t matter.
Presidents are hung with the economies over which they preside.
Full stop.