Following his 1976 victory over Nixon’s successor Gerald Ford [REP-Michigan], Jimmy Carter [DEM-Georgia]
Following his 1976 victory over Nixon’s successor Gerald Ford [REP-Michigan], Jimmy Carter [DEM-Georgia] inherited an economy with relatively high unemployment and inflation problems. President Carter’s economic advisors recommended a number of Keynesian remedies, and for a few years things looked to be improving. But in 1979, the malaise of the mid-1970s had become “stagflation.” A militant U.S. Congress asserted its authority against the President, while a number of foreign policy crises added to America’s woes. In an effort to control inflation, Paul Volcker was appointed Chair of the Federal Reserve Board of Governors. Things did not look good for the President as he sought re-election against his opponent former movie actor and California Governor Ronald Reagan.
Use the Aggregate Demand – Aggregate Supply model to describe the business cycle the U.S. macroeconomy has experienced during the late 1970s and into 1980.
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