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→Economy and budget
=== Economy and budget ===
=== Economy and budget ===
[[File:Inflation-70s.png|right|300px|thumb|''Source: The forgotten recession that irrevocably damaged the American economy.''<ref>''[https://archive.is/wip/06Yyd The forgotten recession that irrevocably damaged the American economy], Jeff Spross, ''The Week,'' April 18, 2016.</ref>
[[File:Inflation-70s.png|left|400px|thumb|''Source: The forgotten recession that irrevocably damaged the American economy.''<ref>''[https://archive.is/wip/06Yyd The forgotten recession that irrevocably damaged the American economy], Jeff Spross, ''The Week,'' April 18, 2016. https://web.archive.org/web/20160420220408/https://theweek.com/articles/618964/forgotten-recession-that-irrevocably-damaged-american-economy</ref>]]
Carter increased government spending. However, when [[inflation]] skyrocketed in 1978 he changed his mind. He delayed tax cuts and vetoed the spending programs that he himself proposed to the [[Congress]]. Carter then tried to ease inflation by reducing [[money]] supply and raising [[interest rates]]. All of his efforts proved to be unsuccessful. Inflation and interest rates soon reached their highest levels since [[World War II]].
Carter increased government spending. However, when [[inflation]] skyrocketed in 1978 he changed his mind. He delayed tax cuts and vetoed the spending programs that he himself proposed to the [[Congress]]. Carter then tried to ease inflation by reducing [[money]] supply and raising [[interest rates]]. All of his efforts proved to be unsuccessful. Inflation and interest rates soon reached their highest levels since [[World War II]].