Ford, Carter, and the Economic Malaise: US History #42
In which John Green teaches you about the economic malaise that beset the United States in the 1970s. A sort of perfect storm of events, it combined the continuing decline of America’s manufacturing base and the oil shocks of 1973 and 1979, and brought about an stagnant economy, paired with high inflation. Economists with a flair for neologisms and portamenteau words called this “stagflation,” and it made people miserable. Two presidential administrations were scuttled at least in part by these economic woes; both Gerald Ford and Jimmy Carter are considered failed presidents for many reasons, but largely because of an inability to improve the economy. (hint: In reality, no one person can materially change something as big as the world economy, even if they are president, but one person sure can make a handy scapegoat!) So, by and large, the 70s were a pretty terrible time in America economically, but at least the decade gave us Mr. Green.