Carter's Recession vs. Bush's Recession

[USAcitizen]

In the 1980's I purchased a home (which I still live in) which had a prime rate of 12% (have since refinanced). Most of what you bought on credit at that time was at about that same rate. Gas had gone up to 1.50 per gallon from .99 per gallon. The job market was tight. Unemployment was high. I remember Carter getting on T.V. and telling the American people to spend less and save more. Well, that was one of the reasons that the Republicans had a field day with him. People were actually mad because they had to sacrifice some things. But one thing is for sure. Carter's administration slowed inflation through the pains of recession.

The Bush administration prints more money and throws it at it's ignorant citizens and tell them "this will make it all better". President George W. Bush tells us that we are going through a tough period but avoided talk of recession. He will not discuss the weak dollar and soaring oil prices. He won't tell you that every time the FED lowers interest rates that the dollar value weakens. He won't tell you that the rebate checks only increases inflation and is a temporary fix.

I know that many conservatives and libertarians think that the unusually severe recession of 1982 should be blamed on Carter's mishandling of the economy. But personally, looking back, I think he handled it very well. If it were not for him and the FED's Chairman Paul Volcker tightening the money supply to defeat rising inflation the U.S. economy would not have recovered in the 80's under Reagan. The recession was an intentional recession.

Bush's recession comes from ignorance and greed.

[Trajan]

1. Hoover's Depression vs. Bush's Depression

Or how about "GOP and Hoover's Depression vs. GOP and Bush's Depression"

It is a mistake to only blame Bush .... The whole implementation of conservatism is an utter economic failure ....

I say : Good Riddance ...

[kikiek]

2. Recovered under Reagan?

[kikiek]

3. Sounds like RW talk to me.

Six years into Reagan's presidency, Democrats retook the Senate, and began to reverse some of Reagan's horrendous policies. By that time, Reaganomics had "accomplished" quite a bit: doubled the national debt, caused the S&L crisis, and nearly wrecked the financial system.

Which brings us to myth number two: Jimmy Carter wrecked the economy, and Reagan's bold tax cuts saved it.

This is utterly absurd. Economic growth indices -- GDP, jobs, revenues -- were all positive when Carter left office. All plunged after Reagan policies took effect.

Reagan didn't cure inflation, the main economic problem during the Carter years. Carter's Federal Reserve Chairman Paul Volcker tried when he raised interest rates. That's the opposite of what Fed Chairman Alan Greenspan has done to keep inflation low.

Carter's policies and people fought inflation, but maintained real growth. On the other hand, Reagan's policies helped cause the worst recession since the Great Depression: two bleak years with nearly double-digit unemployment! Reaganomics failed in less than a year, and it took an entire second year for the economy to recover from the failure.

http://www.americanpolitics.com/20020319Hersh.html

[navarth]

4. If we'd listened to Jimmy Carter we'd be in a lot better shape now.

We would have done something about kicking the oil habit. Instead we end up with Saint Reagan and deregulation. Beautiful.

[Historic NY]

5. The Recession started under Ford.....WIN

Whip Inflation Now...its kept getting worse until the gas crisis tipped the scales. He encouraged saving instead of spending, much like Kennedy did. Carter followed up on those initiatives.

http://en.wikipedia.org/wiki/Whip_inflation_now

[Trajan]

6. Dont forget also ...

Nixon's 'Wage Price Freeze' .... Similar program, different name ....

[Wizard777]

7. At least carter knew the recession was a bad thing. But Bush is going for the record.

:banghead:

[Swamp Rat]

9. And, at least Carter didn't torture people, destroy the U.S. Constitution and Bill of Rights...

ad infinitum...

[roamer65]

8. The inflation of the 1970's was Nixon's fault.

He was the one who took the USA off the gold exchange standard in August 1971, thus starting the inflationary spiral. We've only recently just exceeded his M3 money supply growth rate of 16%.