The Problem With Those Jimmy Carter-Joe Biden Comparisons

Source: Foundation for Economic Education
by Jon Miltimore

“As summer approaches and midterm elections loom, it’s hard to imagine a worse climate for President Joe Biden. The average price of gasoline is creeping toward $5 a gallon, inflation is at 40-year highs, and stocks are red, with the Dow, S&P, and Nasdaq down 9.8 percent, 14 percent, and 23 percent year-to-date, respectively. While there are no 1970s-style gas lines yet — the result of price controls passed by President Richard Nixon — the gloomy environment is drawing comparisons to the Jimmy Carter era, a period associated with economic turmoil and malaise. … The similarities between the Biden and Carter presidencies are clear. However, there are also notable differences, and a closer look at the Carter presidency shows Biden has not yet earned the comparison.” (06/20/22)