Story originally printed in the La Crosse Tribune or online at www.lacrossetribune.com
Published - Tuesday, May 13, 2008
Things were worse in Carter’s time
Are gas prices too high? Yes. Are food prices escalating because of the gas prices? Yes. Is this the worst economy since the depression of the 1920s? No. Is this the worst economy in the past 30 years? No.
Then why are Americans who are polled regarding the state of the economy so negative? Perhaps it is because our viewpoints are eschewed by what we are constantly bombarded with on television and newsprint.
The media conveniently have forgotten what they learned in American History 101 and 201. Instead, they have let their journalist integrity be colored by their hate for the current administration.
Perhaps they are too young to remember the “Misery Index,” a phrase that was coined during the Carter administration. Under the Carter administration, the Misery Index, which is a combination of the inflation and unemployment rates, was 21.98, an all-time high.
During President Carter’s tenure, the prime rate moved from 7 percent to 20 percent and the home mortgage was almost 18 percent.
And, of course, who can forget the oil embargo that caused gas lines and odd/even days that one had to follow in order to purchase gas. So folks, the next time you hear about the gloom and doom that this president has brought us, just remember it was worse. Much worse.
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