The skyrocketing inflation that defined the presidencies of Richard Nixon, Gerald Ford, and Jimmy Carter, according to Biden, sparked a suspicion of government.
Inflation is the highest it's been in 40 years-driven in part by the war in Ukraine, rising oil prices, and an unprecedented amount of federal spending-and it risks completely sinking Biden's presidency just as they sank Carter's.
The Biden of the 1970s and the Biden of 2022 might as well be two different people, with the latter challenging economic orthodoxy and alleging that new entitlements and stimulus in the form of Build Back Better will actually bring consumer prices down.
Biden agreed with that assessment: "We newer liberal Democrats are rejecting the theory of our more senior colleagues, which was that if you spend enough money you can solve any problem," Biden said in 1972.
The persistent inflation that defined that decade convinced the average working man who makes "$12,000 a year" that "He's been had." Poor Americans, Biden said, had received an inordinate amount of attention from lawmakers.
Although Biden called for some tax hikes on the margins, his plan to curb inflation was defined mostly by spending cuts.
In a rhetorical maneuver that Biden has also employed, Carter championed the improving labor market and pointed to rising inflation rates across the world.
https://freebeacon.com/politics/how-biden-stopped-worrying-and-learned-to-love-inflation/
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