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Jimmy Carter: The Great Depression

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The three presidents Jimmy Carter, Herbert Hoover, and Ronald Reagan had problems before and during their presidency like Herbert Hoover had “The Great Depression” that cause an economic collapse and it was the longest and severe depression. Jimmy Carter had economic issue like inflation, unemployment, and balancing budgets. Ronald Reagan had problems with tax cuts, interest rates, and the military budget. The three presidents had problems that’s when they different economic policies on the economy. Economic downfall was the effect of the stock market crash that encouraged the cause rapid increase in bank credit and loan. Unemployment rate was squatter of the people were unemployed (Doc C). During 1915 and 1935 about 4000 bank were suspended …show more content…

Carter had lots of policies but they were never passed by the congress and the economy remained slow. And to solve this problem Jimmy Carter cut income taxes, asked for control on the wage and prices, and also cut back social spending and through these actions Carter was able to bring down the unemployment rate. Carter faced with slow economic growth, energy crisis, and OPEC. OPEC nations started to increase the price on oil and decrease the amount of oil selling to United States and Carter asked the congress to lower the oil and gas use, increase tax on the oil and gas, and use solar energy to save oil and gas. Carter had four principles “First, the economy must keep on expanding to produce new jobs and better income, which our people need. The fruits of growth must be widely shared. More jobs must be made available to those who have been bypassed until now. And the tax system must be made fairer and simpler. Secondly, private business and not the Government must lead the expansion in the future. Third, we must lower the rate of inflation and keep it down. Inflation slows down economic growth, and it 's the cruelest to the poor and also to the elderly and others who live on fixed incomes. And fourth, we must contribute to the strength of the world economy” (Doc G) he stated these principle in his State of Union Address in 1978. When Carter left office, the recession expanded with unemployment numbers reaching 7.5 percent, mortgage rates at 15 percent, and interest rates peaking at an all-time high of 20

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