America was digesting the ramifications of the costs of the Great Society and the costs of the Viet Nam War. Add in the Moon Program costs. We were tied into the Bretton Woods agreement which made our currency the World Reserve one. The costs in 1971 became excessive as the legislation of the mid 1960's started to grow exponentially. And has continued to do so today. Our fiat currency had one last thread left to gold as any nation that had investments in American dollars could have gold given to them in return for cashing out. And we did not have it. France wanted gold. The world saw some disarray. OPEC wanted a price increase for oil, and we were slow to respond. Watergate caused consternation and the government became ineffectual resulting in the first oil crisis. We then tied our dollar to Saudi oil. And Carter still screwed it up and we had a second oil crisis.Okay, let's be blunt about Carter's main flaw.
he was what we wanted him to be.
After Nixon and his shenanigans, America wanted a president who was honest and ineffectual, and that's what they got with Carter.
Most of the problems Carter inherited were beyond his control. Inflation was already spiraling out of control under Ford. The first oil shock came in 1974. And the Shah of Iran was going down and there wasn't much we could do about it.