“Joe Biden is the new Jimmy Carter,” according to Fox News.
Six months ago, America was energy-independent. Now we have gas lines.
President Biden is well on his way to creating another Jimmy Carter economy. pic.twitter.com/CCTFjjzAqn
— Kevin McCarthy (@GOPLeader) May 13, 2021
Joe Biden is the new Jimmy Carter:
-And rising gas prices
2021 meet 1979.
— Rep. Jim Jordan (@Jim_Jordan) May 11, 2021
Well @biden really is doing his best Jimmy Carter ain’t he.
— Joey Jones (@Johnny_Joey) May 11, 2021
“Inflation has, therefore, been a serious problem for me ever since I became president. We’ve tried to control it, but we have not been successful,” Carter admitted.
“Most economic analysts believe that it will have a temporary transitory impact,” Psaki stated.
“Policymakers at the Fed and in the [White House] need to recognize that the risk of a Vietnam inflation scenario is now greater than the deflation risks on which they were originally focused,” Summers stated.
“Whatever was the case a few months ago, it should now be clear that overheating — not excess slack — is the dominant economic risk facing the US over the next year or two.”
“I don’t see the dollar collapsing yet,” Kudlow stated.
“But I’m going to withhold judgment on it right now.”
From Fox News:
But Carter’s efforts to control inflation failed. The year he took office, the U.S. inflation rate was 6.5%. The last full year of the Carter presidency, the inflation rate, like the price of gas during his administration, had more than doubled to 13.5%. The rate of inflation steadily decreased each year of the Reagan administration beginning in 1981. By 1988, the last full year of Reagan’s presidency, the inflation rate had dropped to just 4.1%.
That’s the comparison being made by Republican lawmakers and conservative commentators as the Biden administration confronted a series of familiar crises last week – specifically, gas shortages and rising consumer good prices.
Following the revelation that Colonial Pipeline – the largest gas distributor on the East Coast – videos and images surfaced of cars sitting bumper to bumper, waiting to fill up before gas stations ran out of fuel. The gas shortage had a domino effect, too. It even prompted a shortage of a fast-food favorite: Chick-fil-A sauce.
The gas shortage was just one crisis the Biden administration was forced to confront, though. Less than one week after a devastating jobs report, the U.S. Labor Department revealed that the prices of basic goods and services spiked 0.8% in April alone. That’s the largest monthly increase the country has experienced in more than a decade.
These crisis prompted House Majority Leader Kevin McCarthy, R-Calif., to say that Biden is “well on his way to creating another Jimmy Carter economy.”