It was Carter who appointed inflation hawk Paul Volcker to chair the Federal Reserve in 1979. Though Jimmy Carter is the president most associated with rampant inflation, it’s important to note that his presidency is just one chapter in a period remembered as the Great Inflation (1965–1982), which witnessed a huge expansion of the money supply and federal spending.Ĭarter didn’t start the Vietnam War or sever the United States from the gold standard-LBJ and Nixon deserve most of the credit there-but he had to address the inflationary consequences of these policies. However, there are also notable differences, and a closer look at the Carter presidency shows Biden has not yet earned the comparison. The similarities between the Biden and Carter presidencies are clear. Similarly, Biden extended federal benefits and money pumping that saw the government run a $2.8 trillion deficit in 2021-the second largest in history-followed by a $1.5 trillion omnibus spending bill. By December 1979, inflation had reached 13.3 percent. Biden, meanwhile, took office during a pandemic that saw widespread government lockdowns, business closures, and unprecedented stimulus spending.Ĭarter initially responded by passing an ambitious legislative agenda that required the Federal Reserve to further expand the money supply. When Jimmy Carter took office in January 1977, annualized inflation was north of 5 percent, and the unemployment rate was even higher, 7.5 percent. Both presidencies took place in the aftermath of catastrophic wars-Carter in Vietnam and Biden in Afghanistan-that ended badly and required massive amounts of deficit spending (and money printing).īoth Carter and Biden also inherited troubled economies. In some ways, the Carter–Biden comparisons make sense. is plummeting amid growing fears that the parallels to Jimmy Carter, another first-term Democrat plagued by soaring prices and a foreign policy morass, will stick,” Politico’s Jonathan Lemire reported on June 5. While there are no 1970s-style gas lines yet-the result of price controls passed by President Richard Nixon-the gloomy environment is drawing comparisons to the Jimmy Carter era, a period associated with economic turmoil and malaise. The average price of gasoline is creeping toward $5 a gallon, inflation is at 40-year highs, and stocks are red, with the Dow, S&P, and Nasdaq down 9.8 percent, 14 percent, and 23 percent year-to-date, respectively. Single Issues of The Independent ReviewĪs summer approaches and midterm elections loom, it’s hard to imagine a worse climate for President Joe Biden.International Economics and Development."They play with plenty of passion, they're very very physical men and certainly deserve the right to be there. "When you look at last nights game very, very physical and they defended very strongly and made a good Ireland team work really really hard to break them down. They're big occasions and that's what we want. "We prepare every week to play a team at their best and we're expecting them to be as excited and hungry as we are," he said. #And yet it moves carter fullJoe Moody, the prop replacement for Tony Woodcock, also took a full part in training despite only arriving in Cardiff from New Zealand on Sunday.įoster said having a full squad to call on was good news for the All Blacks as they analysed what they could expect from France. If there was promising news for the All Blacks it is that captain Richie McCaw, another survivor from 2007, and prop Charlie Faumuina both trained freely Monday after missing the All Blacks last game against Tonga because of niggling injuries. "You only have to look at the last World Cup when they didn't have a lot of form in pool play and as soon as they hit the play-offs they flipped the switch and were a different team." "It's about the here and now," offered Foster while Carter said it was almost a totally different All Blacks side and "we're looking forward, we're not looking in the past we've moved on from that."įor the All Blacks there was no escaping the hard lesson they learned in the 18-20 defeat in 2007 and that is how unpredictable France can be.įrance's performance against Ireland was not the best and that is what makes them dangerous, said Carter, recalling the 2011 Final when France started as overwhelming underdogs yet held the inform All Blacks to 8-7. It remains one of the darkest days in the history of the twice world champions.īut Carter, who played in the ill-fated game eight years ago, and assistant coach Ian Foster both claimed 2007 was not something the team was talking about. The memory of 2007 is not going to go away for the All Blacks as it was and still is their earliest exit from a World Cup. However, at the All Blacks first press conference on Monday since learning their first knockout game would be against France and not Ireland the questions was mainly about the team's 2007 failure in the quarterfinals.
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