Editing Jimmy Carter (section)

==== Economy ====
[[File:Inflation Yen USD 1971-2009 de.svg|class=skin-invert-image|thumb|upright=1.35|left|alt=A chart regarding inflation|Inflation rate of [[Japanese yen|yen]] and USD, 1971–2009]]
The first two years of Carter's presidency were a time of intense [[stagflation]], primarily due to recovery from [[1973–1975 recession|a previous recession]] that had left fixed investment at extreme lows and unemployment at 9%.<ref name="stat 88">{{cite web |url=https://www2.census.gov/prod2/statcomp/documents/1988-04.pdf |title=1988 Statistical Abstract of the United States |publisher=Department of Commerce |access-date=August 30, 2021 |archive-date=December 12, 2021 |archive-url=https://web.archive.org/web/20211212140458/https://www2.census.gov/prod2/statcomp/documents/1988-04.pdf |url-status=live}}</ref> Under Carter, the unemployment rate declined from 8.1% when he took office to 5.7% by July 1978,<ref>[https://www.newspapers.com/article/spokane-chronicle-sharp-drop-noted-in-un/156447735/ Sharp Drop Noted In Unemployment]. [[Associated Press]]. ''Spokane Chronicle''. July 7, 1978. Retrieved October 2, 2024.</ref><ref>[https://www.newspapers.com/article/the-patriot-news-jobless-level-up-slight/157880385/ Jobless Level Up Slightly]. ''[[The New York Times]]''. ''The Patriot-News''. October 7, 1978. Retrieved October 26, 2024.</ref> but during the [[Early 1980s recession in the United States|early 1980s recession]] it returned to its pre-1977 level.<ref>[https://www.newspapers.com/article/st-louis-post-dispatch-jobless-rate-cou/156448077/ Jobless Rate Could Reach 7.5% This Year, 8% In 1981, Kahn Predicts]. [[Associated Press]]. ''St. Louis Post-Dispatch''. May 1, 1980. Retrieved October 2, 2024.</ref> His last two years were marked by double-digit inflation, very high interest rates,{{sfn|Bourne|1997|p=447}} oil shortages, and slow economic growth.<ref>{{cite news |url=https://articles.moneycentral.msn.com/Investing/JubaksJournal/Is70sStyleStagflationComing.aspx |title=Is '70s-style stagflation returning? |author=Jim Jubak |work=Jubak's Journal |publisher=MSN |date=April 1, 2008 |access-date=October 18, 2017 |archive-url=https://web.archive.org/web/20110820042310/https://articles.moneycentral.msn.com/Investing/JubaksJournal/Is70sStyleStagflationComing.aspx |archive-date=August 20, 2011}}</ref> Due to economic stimulus legislation, such as the Public Works Employment Act of 1977, proposed by Carter and passed by Congress, real household median income had grown by 5.2%, with a projection of 6.4% for the next quarter.{{sfn|Bourne|1997|p=422}}

The 1979 energy crisis ended this period of growth, and as inflation and interest rates rose, economic growth, job creation and [[consumer confidence]] declined sharply.{{sfn|Bourne|1997|p=447}} [[Federal Reserve Board]] chairman [[G. William Miller]]'s relatively loose [[monetary policy]] had already contributed to somewhat higher inflation,<ref>{{cite web |url=https://econ161.berkeley.edu/econ_articles/theinflationofthes.html |archive-url=https://web.archive.org/web/19970219022512/https://econ161.berkeley.edu/Econ_Articles/theinflationofthes.html |archive-date=February 19, 1997 |title=The Inflation of the 1970s: November 21, 1978 |date=December 19, 1995 |publisher=[[University of California at Berkeley]] and National Bureau of Economic Research |access-date=March 18, 2012}}</ref> rising from 5.8% in 1976 to 7.7% in 1978. The sudden doubling of [[crude oil]] prices<ref>{{cite web |url=https://www-cta.ornl.gov/cta/Publications/Reports/ORNL-6873%20.pdf |title=The Outlook for U.S. Oil Dependence |publisher=U.S. Department of Energy |access-date=October 18, 2017 |archive-url=https://web.archive.org/web/20170513154741/https://www-cta.ornl.gov/cta/Publications/Reports/ORNL-6873%20.pdf |archive-date=May 13, 2017}}</ref> forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980.<ref name="stat 88" /> The sudden shortage of gasoline as the 1979 summer vacation season began exacerbated the problem and came to symbolize the crisis to the general public;{{sfn|Bourne|1997|p=447}} the acute shortage, originating in the shutdown of [[Amerada Hess]] refining facilities, led the federal government to sue the company that year.<ref>{{cite web |url=https://md.findacase.com/research/wfrmDocViewer.aspx/xq/fac.%5CFCT%5CC04%5C1979%5C19791226_0040006.C04.htm/qx |archive-url=https://archive.today/20120628221218/https://md.findacase.com/research/wfrmDocViewer.aspx/xq/fac.%5CFCT%5CC04%5C1979%5C19791226_0040006.C04.htm/qx |archive-date=June 28, 2012 |access-date=September 9, 2021 |title=United States v. Society of Independent Gasoline Marketers of America}}</ref>