By Duncan Smith
Those who say history doesn’t repeat itself but it sure rhymes may not have heard much about the one term of President Jimmy Carter.
Between January 1977 when he was inaugurated to January 1981 when he was replaced by Ronald Reagan, Carter oversaw one of the biggest periods of economic decline since the Great Depression.
And it appears as though Joe Biden’s handlers are using the exact same playbook, wittingly or unwittingly, because we’re getting the Carter years all over again in terms of global upheaval, domestic turmoil, and inflation.
Fox Business Network has more:
Surging consumer prices and gasoline shortages have sparked concerns the U.S. economy could relive the nightmarish stagflation of President Jimmy Carter's administration in the late 1970s.
Stagflation is defined as a period of inflation with declining economic output.
The economy under Carter experienced inflation and unemployment that were both in the double digits as the result of an oil price shock that began when Iranian oil workers went on strike. …
Gas stations across the East Coast have for the last week faced fuel shortages and long lines after the 5,500-mile Colonial Pipeline, which supplies almost half the region's supply, was taken offline by hackers. The outages evoked memories of the gas lines that occurred during the sharp drop in Iranian oil production at the end of the Carter administration.
Additionally, a Labor Department report released last week showed core consumer prices, which exclude food and energy, rose 0.9% in April, the most since September 1982, when the U.S. economy was emerging from its decade-long bout with stagflation. Annually, prices were up 4.2%, the biggest increase since September 2008.
“Six months ago, America was energy-independent. Now we have gas lines,” House Minority Leader Kevin McCarthy, R-Calif., tweeted last week. “President Biden is well on his way to creating another Jimmy Carter economy.”
“What is happening to activity and prices isn't a repeat of the stagflation of the 1970s,” Paul Ashworth, chief U.S. economist at research firm Capital Economics, wrote in recent days, in reference to inflation and unemployment figures that were both in the double digits. “But it does have a bit of the same whiff about it, which is eerily similar to conditions in 2005 and 2006.”
Face it: Biden’s Marxist regime is doing all that it can to tank our economy, even as Democrats dole out more taxpayer-funded largess and payments to more and more families, beginning in July.
And while these destructive, power-mad lunatics may well buy the next couple of elections, the reality is America will become one gigantic Venezuela at some point because as Jimmy Carter learned, economic laws are absolute — and absolutely disastrous.
(Credit: Fox Business Network)
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