Portions of this Time magazine article titled "Jimmy Carter vs. Inflation" dated March 24, 1980 could've easily been written today. Take a look at many of Carter's proposals to "fix" the problem and tell me Obama isn't Carter version 2.0.
I also got a kick out of the mention of Ted Kennedy calling for wage & price controls in the wake of the crisis. You learn in economics 101 that such controls do not work, yet there's Kennedy calling for measures that will be ineffective or even counterproductive simply because they fit his liberal ideology.
Time quotes then President Carter as saying, "Nothing will work until the Federal Government has demonstrated that it can discipline its own spending and its own borrowing"
Does anyone envision President Obama uttering such words in a speech? Such words would not only go against his ideology, but they would repudiate the very spending programs he has touted as having "fixed" the economy so far.
We are in for tough times folks, and Republicans seem to want to throttle things back only slightly while not addressing underlying issues like the cost of Federal entitlement programs.
Wednesday, March 30, 2011
Carter and Inflation
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