STEPHEN MOORE: Biden’s Economic ‘Malaise’ Is Starting To Resemble Jimmy Carter’s Dismal Economy

Everything that is happening in our divided country today is a very disturbing reminder of America’s last lost decade: the 1970s. For those who don’t remember, his years as part-time president in the late 1970s with Jerry Ford, and even worse during the Jimmy Carter administration, were one economic and national security setback after another. Ta.

Witch’s High Beer inflation By 1979 it was 13% and the tax rate continued to rise. expensive 70%—kept the economy in the trenches.real family income It plummeted under the Carter administration as inflation rose much faster than household take-home pay.level of interest rose sharply And this is what the house looked like out of reach.gas price It has tripled. Carter accused of ‘investing’ in ‘Big Oil’ and pipe dreams green energy Alternatives where everything went bankrupt.

Every time inflation rose, the economic kids in Washington assured us that the high prices were only temporary. (They did not use the term “temporary.”) As prices continued to rise, Carter blamed corporate greed and instituted price controls. unexpected profit Taxes only made the problem worse. (Related: Biden’s signature climate change law falls short of goal of boosting American manufacturing)

On the university campus, student protesters were seen occupying the president’s office. Race riots turned the city center into a powder keg.

America was so weak at home that foreign enemies took advantage, with Soviet tanks rolling into Afghanistan and troops entering Nicaragua while Iran held Americans hostage. Carter’s reckless response was to withdraw the United States from the 1980 Summer Olympics in Moscow.federal spending and debt prices soared, and the private sector began to shrink.

His response to this bad news was, rather than blaming the government’s incompetence or his own policies, he pointed the finger at the American people and told us to turn down the thermostat, put on a sweater, and learn to live with less. It was preachy. (But even Carter did not threaten to eliminate air conditioning and gas heating.)

mortgage interest rate skyrocketed has reached 17%, putting the purchase of a home out of the financial reach of most Americans. A new term that slipped into the American lexicon was “stagflation.” This was a combination of high prices and slowing economic growth.

Does this sound familiar?

Biden’s prescription for the U.S. economy is not to reverse course. It’s Carterism on steroids.Tighter price controls, higher taxes on the wealthy and corporations, and another $2 trillion in economic growth Spending It concerns programs such as student loan “forgiveness,” green energy subsidies, and mortgage relief programs.

Tax rates on investments will be well above 50%. Former Trump economist Larry Kudlow said: tax America will prosper. ”

On energy policy, he plans to double down on his commitment to “net zero” fossil fuel production and order people to buy $70,000 electric cars made in China.

He is ashamed that most Americans say they are struggling financially, but he doesn’t feel their pain and doesn’t appreciate the good things he’s done and the virtues of bidenomics. . This message is a bit tone-deaf, given that Americans are worried about a return to ’70s-style stagflation. At the same time as GDP growth has slowed to just 1.6%, inflation is on the rise.

Biden’s response is that Americans are ungrateful, and that we’re all selfish for not wanting to live with less and give up our gas stoves and SUVs to save the planet.

His infamous “tired speech” In the summer of 1979, Carter spoke of the nation’s “crisis of confidence” and lectured Americans about their excessive “selfishness” and how they had learned to spend less and save money. He also spoke of “threats to democracy.” Instead of inspiring the people, he threw the country into a funk.

Like Jimmy Carter at the time, Joe Biden is offering four more years of austerity and sacrifice and a bigger, more intrusive government. The platform gave incumbent Jimmy Carter 41% of the vote. Vote 1980.

Stephen Moore is a senior fellow at the Heritage Foundation and an economist at FreedomWorks. He is an economic advisor to the Trump campaign.

The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.

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