Economic Policies of the Carter Administration

James Earl (Jimmy) Carter, Jr. was President of the United States from 1977 through 1980 (more precisely mid-January 1977 through mid-January 1981). He assumed the presidency at a time when the American economy was reeling because of a variety of factors, not the least of which were the effects of Arab Oil Embargo of 1973, continuing energy problems (price and supply), the economic and federal budget hangovers stemming from the disastrous Vietnam War. The economic effects (inflation, unemployment, and spotty growth especially) and energy effects (price and supply) were particularly acute.

He stepped into this mess with his own ideas as to how to put the economy back in shape and how to wean the country from foreign energy dependence. His reasoning, although logical, did not connect with a majority of the American public which was looking for quick fixes with little (read no) pain. This paper reviews some of the more relevant economic policies of President Carter and his administration. The emphasis is on the following: (a) fiscal policies; (b) reducing unemployment; (c) industry deregulation; and energy independence.

Each of these issues is directly related to economic policy. The Carter Administration was active in relation to each of these issues in relation to policy development and in relation to actions.

When Jimmy Carter became governor of Georgia in 1971, he introduced z

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r surplus federal government budget since 1969 (Council of Economic Advisers, 1991). As it was, however, Ronald Reagan became President, and the country experienced the largest federal budget deficits in history - until the second George W. Bush became President in 2001. Reducing Unemployment President Carter's fiscal policies were designed to stimulate economic activity, which in turn would stimulate employment in the American economy. While the fiscal policies of the Carter Administration were sound, fiscal policies do not exist in a vacuum. Other events (the Second Arab Oil Embargo, servicing the national debt, and foreign policy issues) had the effect of nullifying some of the intended outcomes. Some of the country's larger mismanaged corporations also were in deep trouble. The most notable example was the Chrysler Corporation led at that time by Lee Iacocca. Chrysler would have been forced to declare bankruptcy had not the Carter Administration intervened to push a loan guarantee for the company through the Congress. The policy by the Carter Administration was designed to save jobs (thereby not increasing the level of unemployment). Chrysler received the loan guarantee, and then was able to obtain the financing that
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Approximate Word count = 1487
Approximate Pages = 6 (250 words per page)

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