Obama to announce 3 year spending freeze, spectre of Carter?

Discussion in 'Politics' started by slackjawed, Jan 26, 2010.

  1. slackjawed
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    slackjawed Self deported

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    The Second Clinton? The Baseline Scenario

    from the article at this link;
    "The usually understated Mark Thoma thinks along similar lines (in uncharacteristically not understated tones):

    “We get cheap political tricks that are likely to backfire. How will this look, for example, if there’s a double dip recession, or if unemployment follows the dismal path that the administration itself has forecast?"

    Obama Scoffed At McCain's Spending Freeze Proposal During Campaign (VIDEO)
    from the article;
    "Some Democrats scoffed at the idea, calling it the wrong approach during a time of deep economic recession. Republicans depicted it as a political gambit destined to be shot down by a non-compliant Congress."



    Which is it, the repeat of a failed Carter wage and price freeze or a wise way to control spending in a hurry, like McCain proposed during the election?
     
  2. uscitizen
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    uscitizen Senior Member

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    Wasn't the wage and price freeze Nixon's?
     
  3. uscitizen
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    uscitizen Senior Member

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    Nixon Imposes Wage and Price Controls

    President Nixon Imposes Wage and Price Controls

    August 15, 1971. In a move widely applauded by the public and a fair number of (but by no means all) economists, President Nixon imposed wage and price controls. The 90 day freeze was unprecedented in peacetime, but such drastic measures were thought necessary. Inflation had been raging, exceeding 6% briefly in 1970 and persisting above 4% in 1971. By the prevailing historical standards, such inflation rates were thought to be completely intolerable.

    The 90 day freeze turned into nearly 1,000 days of measures known as Phases One, Two, Three, and Four. The initial attempt to dampen inflation by calming inflationary expectations was a monumental failure.
     
  4. slackjawed
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    nixon started it, carter kept it going, yes.
    Even milk prices were controlled.
     
  5. slackjawed
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    slackjawed Self deported

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    nixon started it, carter kept it going, yes.
    Even milk prices were controlled.
     
  6. slackjawed
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    slackjawed Self deported

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    nixon started it, carter kept it going, yes.
    Even milk prices were controlled. Carter expanded it.
     
  7. uscitizen
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    uscitizen Senior Member

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    Milk prices were controlled until fairly recently.
     
  8. slackjawed
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    slackjawed Self deported

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    dammit- i hit the post button once and look what happened. My cell connection is flaky and kinda fades in and out, when it does come back in it posts these things twice, but 3 times?
    dammit!
     
  9. uscitizen
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    uscitizen Senior Member

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    The wage and price controls were mostly dismantled by April, 1974. By that time, the U.S. inflation rate had reached double digits.

    From my link above.

    You mean continued by Ford, Carter became president in 76 I believe.

    And yes I rember it only congress got raises.
     
  10. Emma
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    Emma Evil Liberal Leftist™

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    He's out of his ever-lovin' mind.
     

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