Presidents Who Created Financial Blunders

2. Jimmy Carter

Presidential term: January 20, 1977 – January 20, 1981

Jimmy Carter was the 39th president of the United States. Jimmy Carter was a great human but not a good president. Despite the fact that Carter had gained internationally recognition for his humanitarian work but his political career is hardly creditable.

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Carter in an ill-fated attempt to reduce America’s dependency on foreign oil abolished the government’s regulatory power over deciding domestic oil pricing.  Due to which the foreign oil producers came together and formed a union for price-fixing. Hence the oil prices started rising high, causing sizeable inflation which then caused a massive recession in America.  The nation’s economy recession also caused huge unemployment problems. For all the economic blunders Carter did, he did not get re-elected in the next presidential election of 1981 and Ronald Reagan defeated Carter with a huge victory and became the next U.S. president.

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