Decades of Chang1

Decades of Chang1 - that he called the "moral...

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Decades of Change - 1960-1980 The Rise of cultural and ethnic pluralism   In economic affairs, Carter at first permitted a policy of deficit spending.  Inflation rose to  10 percent a year when the Federal Reserve Board, responsible for setting monetary  policy, increased the money supply to cover deficits. Carter responded by cutting the  budget, but cuts affected social programs at the heart of Democratic domestic policy.  In  mid-1979, anger in the financial community practically forced him to appoint Paul  Volcker as chairman of the Federal Reserve. Volcker was an “inflation hawk” who  increased interest rates in an attempt to halt price increases, at the cost of negative  consequences for the economy. Carter also faced criticism for his failure to secure passage of an effective energy policy.  He presented a comprehensive program, aimed at reducing dependence on foreign oil, 
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Unformatted text preview: that he called the "moral equivalent of war." Opponents thwarted it in Congress. Though Carter called himself a populist, his political priorities were never wholly clear. He endorsed government's protective role, but then began the process of deregulation, the removal of governmental controls in economic life. Arguing that some restrictions over the course of the past century limited competition and increased consumer costs, he favored decontrol in the oil, airline, railroad, and trucking industries. Carter’s political efforts failed to gain either public or congressional support. By the end of his term, his disapproval rating reached 77 percent, and Americans began to look toward the Republican Party again....
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This note was uploaded on 12/22/2011 for the course AMH AMH2010 taught by Professor Pietrzak during the Fall '10 term at Broward College.

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