Is it true that Jimmy Carter advocated reducing the use of credit during his presidency?

Question

...and the economy started to do poorly, so he backed off of that idea? My history teacher told me that once, and I'd like to read about that in more detail. Please provide a link or a lot of detail for a thumbs up! Happy New Year!

Answer 1

To answer your question;

No, it is not true. but inflation and high interest rates on any credit usage did slow the use of credit. Carter did advocate energy use reduction he turned down the thermostat to sweater weather inside the White House.

http://en.wikipedia.org/wiki/Jimmy_Carter

Inflation caused interest rates to rise to unprecedented levels (above 12% per year). The prime rate hit 21.5% in December 1980, the highest rate in U.S. history under any President. Investments in fixed income (both bonds and pensions being paid to retired people) were becoming less valuable.

Answer 2

During Carter's Presidency, the United States saw the largest inflation increase since 1946. He also established the trade relations that we see now with China and really hurt our economy in doing so. And all of this bought him a Nobel Peace Prize!

Answer 3

Carter inherited the inevitable recession that follows any wartime economy compounded by the oil embargo at a time when we imported 75% of our oil.

He had little if any control over these circumstances. The economy had to recover on its own, which took until 1983. The bottom of the recession was actually during Reagan's 1st term in 1982.

Carter's credit policy had nothing to do with anything.

Edit to Freedom(below); Nixon opened the door to China and Republicans Reagan and Bush began their most favored nation status.

And Carter is the Only President to successfully negotiate a Mideast peace accord. Egypt an Israel have co-existed and never fired a shot since.

Answer 4

did your history teacher tell you that mortgage rates were up to 21 percent? sounds like he is trying to make Americas worst president look good.

Answer 5

I don't know but Mr. Carter was one for self sufficiency and resource preservation. Spending beyond one's means is a dangerous habit. It's good advice, if nothing else.