Joe Biden received one report that let him know he was reliving Jimmy Carter’s Presidency
No President wants Americans comparing them to Jimmy Carter.
But Joe Biden got some bad news.
And Joe Biden received one report that let him know he was reliving Jimmy Carter’s Presidency.
The Philadelphia Fed reported that a survey of manufacturers found growth slipping and inflating surging to the highest rates since 1974.
“The firms continued to report increases in prices for inputs and their own goods. The prices paid diffusion index edged up 2 points to 71.2, after falling 10 points last month from June’s 42-year high. Nearly 74 percent of the firms reported increases in input prices, while 3 percent reported decreases. The current prices received index increased 7 points to 53.9, its highest reading since May 1974. Over 56 percent of the firms reported increases in prices of their own manufactured goods, up from 50 percent in July; 40 percent of the firms reported stable output prices,” the Philadelphia Fed reported.
While Jimmy Carter was not President in 1974, Carter failed to tame the inflation bug in the 1970s that crippled the American economy.
Carter’s important response to the Iranian hostage crisis led many Americans to conclude America’s days were behind her.
That all changed when Ronald Reagan won the Presidency in 1980.
But it’s hard for Americans to ignore the similarities of the malaise of the 1970s to what’s going on today.
Inflation is raging.
Joe Biden hid at Camp David and Delaware while the worst American military defeat since the 1975 fall of Saigon occurred on his watch.
And just like Jimmy Carter, Biden watched thousands of Americans turn into hostages as Biden abandoned them behind Taliban checkpoints while announcing that the government could not guarantee their safe passage to the airport.
It remains to be seen if Joe Biden will meet Jimmy Carter’s political fate.
But Biden’s approval numbers dropped in the wake of these multiple crises.