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How Did Jimmy Carter Affect The Economy

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During Jimmy Carter’s presidency from 1977-1981, he was attempting to repair America’s suffering economy. The economy was in dire condition, similar to its state during the peak of the Great Depression in 1932. The economy had been flourishing since 1945 until the 1970s when unemployment rates were at an all time high, leaving masses of Americans jobless and impoverished. Unemployment rates hit double digits due to businesses filing for bankruptcy all over the US. Unfortunately for American citizens the only thing President Carter was doing for his country during his time in office was creating new problems instead of trying to fix up the nation. Before coming into power, Carter harshly accused former president, Gerald Ford, of ineffectively controlling inflation and …show more content…
Inflation in the U.S. was at its worst from the mid 1970s until 1983 which exceeded Carter’s time in office. Throughout his term, Carter was faced with a variety of economic issues, including unemployment, inflation, and the complex relationship between the two. The economic recession haunted America from 1979 to 1982, due to Carter’s feeble shot at reducing deficit spending by cutting federal programs. Little did he know that this would only make matters worse. Unemployment rates skyrocketing and businesses were considered lucky if they didn’t have to file for bankruptcy within the next year or two. Stagnation had been more prominent than ever. An example of stagnation was the collapse of the Chrystler Corporation, the third of the Big Three automobile makers in the American economy (The 1980’s: Business and the Economy 1). Their only hope of staying in business was a loan of $1 billion dollars from the government. In

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