Jimmy Carter

==== Economy ====
[[File:Bill Clinton 1978.jpg|thumb|alt=A monochrome image of Carter shaking hands with Bill Clinton|Newly elected [[governor of Arkansas]] and future president [[Bill Clinton]] meets with President Carter in 1978]]
Carter's presidency had a troubled economic history of two roughly equal periods. The first two years were a time of continuing recovery from the severe 1973–75 recession, which had left fixed investment at its lowest level since the 1970 recession and unemployment at 9%.<ref name="stat 88">{{cite web |url=http://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> His last two years were marked by double-digit inflation, coupled with very high interest rates,<ref name="'70s 292">Bourne, p. 447.</ref> oil shortages, and slow economic growth.<ref>{{cite news |url=http://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/http://articles.moneycentral.msn.com/Investing/JubaksJournal/Is70sStyleStagflationComing.aspx |archive-date=August 20, 2011 |url-status=dead}}</ref> Due to the $30&nbsp;billion economic stimulus legislation – such as the Public Works Employment Act of 1977 – proposed by Carter and passed by Congress, real household median had grown by 5.2%, with a projection of 6.4% for the next quarter.<ref>Bourne, p.422</ref>

The [[1979 oil crisis|1979 energy crisis]] ended this period of growth, and as inflation and interest rates rose, economic growth, job creation and [[consumer confidence]] declined sharply.<ref name="'70s 292" /> The relatively loose [[monetary policy]] adopted by [[Federal Reserve Board]] chairman [[G. William Miller]], had already contributed to somewhat higher inflation,<ref name="Inflation of 1970s">{{cite web |url=http://econ161.berkeley.edu/econ_articles/theinflationofthes.html |archive-url=https://web.archive.org/web/19970219022512/http://econ161.berkeley.edu/Econ_Articles/theinflationofthes.html |url-status=dead |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 by [[OPEC]], the world's leading oil exporting [[cartel]],<ref>{{cite web |url=http://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/http://www-cta.ornl.gov/cta/Publications/Reports/ORNL-6873%20.pdf |archive-date=May 13, 2017 |url-status=dead}}</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;<ref name="'70s 292" /> the acute shortage, originating in the shutdown of [[Amerada Hess]] refining facilities, led to a lawsuit against the company that year by the federal government.<ref>{{cite web |url=http://md.findacase.com/research/wfrmDocViewer.aspx/xq/fac.%5CFCT%5CC04%5C1979%5C19791226_0040006.C04.htm/qx |archive-url=https://archive.today/20120628221218/http://md.findacase.com/research/wfrmDocViewer.aspx/xq/fac.%5CFCT%5CC04%5C1979%5C19791226_0040006.C04.htm/qx |url-status=dead |archive-date=June 28, 2012 |access-date=September 9, 2021 |title=United States v. Society of Independent Gasoline Marketers of America}}</ref>