Did you know Jimmy Carter, the oldest living president just turned 98 today?

[llorando]

Can say that I did

Can't say that I did

[nightdrot]

Yes, I knew that former President Carter had turned 98. In part because I work in politics, in part because I remember former President Carter's (understandably) one term presidency vividly.

Suffice to say that while I wish the former President well, I do not recall his presidency with much nostalgia. Mr. Carter ran in 1976 promising to "give you a government as good as the American people." The results, perhaps revealingly, were less than brilliant.

In 1979, the rate of inflation hit 14.5% - the highest ever in peacetime. The following year, the rate of inflation hit 13.1% - the second highest ever in peacetime and the first time the USA had back-to-back years of double digit inflation in peacetime. (This well above the 9.4% peak we recently reached and the current 8.1 % level.) This accompanied by gas lines and, in some states, actual restrictions on the days that consumers would be allowed to buy fuel as well as a period of high labor unrest and strikes.

To combat this, the Federal Reserve raised the prime interest rate - the rate banks charge their vey best customers - to an eye bulging 21.5%. Thus mortgage rates and the interest rates on credit cards paid by the average consumer soared to as high as 30%.

Suffice to say that, in due course, this induced a deep recession. Though not before, at first, introducing the Western world to a new phenomena - "stagflation." That is a combination of high prices and rising unemployment that Keynesian economic theory had thought not possible. Perhaps the only good coming from this is that it finally destroyed the idea that the government could micromanage something as vast and complex as the economy.

In any event, eventually this resulted - by 1982 - a rate of unemployment at 10.8%. Higher than even the 10.1% of 2007-2009 so-called "Great Recession." Indeed, the highest unemployment rate since the Great Depression.

This all the legacy of the Carter economic policies. While in terms of foreign policy, Mr. Carter promised to end "America's inordinate fear of communism." The result was the Soviet invasion of Afghanistan, the surge in the anti-nuclear movement - which suffice to say impacted Western foreign and military policies more than it did its' Soviet counterpart. The deployment of a Soviet army combat brigade to Cuba, and the negotiation of the SALT II arms control treaty that was so badly unbalanced that a Democrat controlled Senate refused to ratify it.

Also, of course, there was the Iran hostage crisis, born in part because Mr. Carter, who wanted to make human rights the focus of American foreign policy, failed to step in to keep the Shah of Iran in power. Thus born the government of the ayatollahs and the problems the nation faces with Iran to the present day. (Also throw in such a massive neglect of US defense spending that it likely contributed to a disastrous - and failed - attempt to rescue the hostages.)

About the only good thing to come out of the Carter presidency was the advent of the Reagan presidency. This culminating, by 1986, and this is making a long story short, in a rate of inflation that fell to 1.1%. (Lower than even the 1.4% of Mr. Trump's best year.)

By the late 1980s, similarly, unemployment fell to just above 5% - which economists at that time believed to be statistical full employment. (Economists have since learned that unemployment, allowing for demographic changes, can fall farther. This allowing it to fall as low as 2.8% as it did prior to the pandemic. Inflation during that same time going to the aforementioned 1.4% level.)

Further, on the foreign policy front, the United States rebuilt its armed forces, signed the first - Senate ratified - arms REDUCTION treaty in history. (This eliminating a whole class of nuclear weapons.) Then, in due course, events leading to the fall of the USSR and the end of the Cold War.

In a nutshell, while again, one wishes Mr. Carter well. However, the most that can be said of President Carter's one term in office is that it ended and resulted in the Reagan presidency. No age ever being perfect, but Mr. Reagan turning out to be a highly successful and consequential figure - unlike the man who came before him in the White House.

[Pudsmucker]

I remember when he was president. He was the worst president we ever had at that time. We had hyperinflation and the price of gasoline was going up. And a huge recession was happening where a lot of us were laid off. One in every five people were laid off.

Happy birthday dear Mr Carter.

[jennifer_bloom]

He's lived a life of service and public kindness and I hope he lives even longer.

[USLegionary]

Did a lot for the environment and for the American people.

[exitseven]

I heard this on the radio. I am glad he lived long enough to see that he is not the worst president we ever had.

[Hispanic-Cool-Guy]

Happy B-day to President Carter. Known as a very good man.