Yeah, good luck with that. Joe's handlers consider themselves lucky if they can keep him from wandering off the stage.
Voice in Joe's earpiece: "Don't move!"
Posted on 07/05/2022 9:48:08 AM PDT by Signalman
The last time America was put through the wringer on inflation was during the Carter administration, when inflation soared to double digits, reaching 14% in 1980. And the men who were advising Carter on what to do about prices are now warning Joe Biden that everything he’s suggested doing about high prices is wrong.
Carter’s Treasury secretary, W. Michael Blumenthal, now 96, remembers vividly the helplessness the advisors felt when everything they tried to bring prices down failed. He doesn’t think Biden has grasped what he has to do.
“The basic problem that this president faces is really not too dissimilar from the one that confronted Carter,” Mr. Blumenthal told the New York Times. “President Biden faces this dilemma, and it’s certainly my hope that he will choose clearly, choose decisively and be very clear not only about the fact that he recognizes that inflation has to be dealt with, but that he is really willing to support painful steps to do that.”
Mr. Blumenthal said Mr. Biden should heed the lessons of Mr. Carter’s failed attempts to curb inflation by avoiding measures that are counterproductive. He urged Mr. Biden to support a substantial interest rate increase and to abandon his sweeping legislative package in favor of deficit reduction, which some economists argue could dampen prices by slowing growth depending on how it is approached.
“Inflation fighting comes first,” said Mr. Blumenthal, who escaped Nazi Germany and lived in Shanghai during a period of hyperinflation in the 1940s. “He has to show the recognition to the public that inflation has lasting deleterious effects on the economy and that by trying to take half measures now, you merely prolong the pain of these effects.”
(Excerpt) Read more at pjmedia.com ...
The blind leading the blind on that one.
Carter was incompetent. Biden is incompetent. But at least in Carter’s day the government was run by adults. Biden’s government is staffed by a hellish mix of greenies, socialists, and social justice warriors.
This cannot end well.
Boy, you know you are BAD when THOSE people are panning your ideas and decisions.
Notice they all want to blame it on some intern. The intern is probably the most knowledgeable of their entire administration.
I wish I were joking.
Boy, I’ll bet this took some of the flatulence out of Jo Jo and his mail order VP.
I am surprised Blumenthal admitted Carter’s economic decisions in the 70s were mistakes.
I am even more surprised that he was permitted to publicly admit that Biden- Harris-Obama are repeating those errors now!
I used to work for Michael Blumenthal, I was working for Burroughs Computer Corporation when he became CEO in the early 80s, he engineered the merger with Sperry-Univac and changed the name of the company to Unisys, the demise of both companies was inevitable, but he certainly did not succeed in keeping either company alive.
With respect to his current statements, I agree with, interest rates need to be substantially higher, spending needs to be cut and the energy sector needs to be unleashed, all things the Biden Administration will not support
Definition of insanity.......................
Yeah, good luck with that. Joe's handlers consider themselves lucky if they can keep him from wandering off the stage.
LBJ happily destroyed the nuclear family. He was not thinking of anything but re-electing Democrats.
Carter was incompetent and a fool, but honest and smart. Biden is 1) stupid, and always has been 2) thoroughly corrupt, and always has been 3) evil, and always has been. What is happening to this country and the world is not from incompetence. It is intentional.
10% interest rate on home loans during the Carter administration is what I remember although we bought a new 3 bedroom home for 25K.
“He doesn’t think Biden has grasped what he has to do.”
Bwahahahaha!
We have tried spending money. We are spending more money than we have ever spent before and it does not work. And I have just none interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job, I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this administration we have just as much unemployment as when we started . . . . And an enormous debt to boot!
Instead, we get Brian Deese extolling the Liberal World Order. Doesn't anyone in DC know anything about American History?
O/t, but that speech was made exactly 15 years before I was born.
Carter era also did not have the massive govt debt we have now.
Biden isn’t worthy to shine Jimmy Carter’s shoes, and I’m no fan of Jimmy Carter.
It is not just interest and government spending. It also includes the deliberate increase in fuel prices which impacts all sectors of the economy.
Blumenthal needs to look at the current national debt levels and try multiplying those by ten percent interest rates.
Tinkering at the edges with the budget is irrelevant—this ship is going down.
Inflation is a really bad thing.
Once started, it kind of feeds on itself, in an hellish spiral. People whose salaries and other income are loosing purchasing power demand increased compensation. That then causes even more inflation. And so on!
Very hard to stop until major actions, including sacrifices are taken.
Often leads to major social unrest and uprisings.
Hold unto you seeds, folks. We are going to have interesting times.
I just hope, I do not loose “everything”.
Carter actually cared about the USA.
So he took all the unpopular measures on itself. It gave the presidency to Ronald Reagan, impoverished many people, but got the inflation under control.
I am afraid that this admin. does not have the guts to do the right things. So they will just keep printing money and kicking the bucked town. That will make the matter even worse, but “we need to save our Democracy!”
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