Jimmy Carter attempted to stop runaway inflation with a White House press conference in 1978. "Carter implored labor and business leaders to keep wages and prices down, and pressured Congress to cut back spending."
Narrator: In 1978 the first signs of a gathering economic storm were becoming visible. The stock market was at its lowest point in three years, the trade deficit growing, unemployment on the rise.
Jimmy Carter (archival): The most serious problem that our nation has is inflation. And it's getting worse. It's absolutely imperative that Americans commit themselves, all of us, to a common sacrifice to control this rapid increase in prices.
E. Stanly Godbold, Historian: Carter inherited a no-win economic situation. I see him as the last presidential victim of the War in Vietnam. Every war this country has fought once it is over the economy has to readjust to a peacetime economy. And what always happens is runaway inflation.
Narrator: Carter implored labor and business leaders to keep wages and prices down, and pressured Congress to cutback spending. But inflation kept rising, his words falling on deaf ears.
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