Three Decades Later, It's Carter Redux

“It’s been over three decades since President Carter left office – but President Obama is giving middle-class families a case of déjà vu. Gas prices are skyrocketing, budget deficits are exploding, and Americans are suffering from another ‘crisis of confidence.’ After four years of economic policies that have left the middle class shaken, Americans need a new president who has what it takes to get the economy moving again.” – Ryan Williams, Romney Campaign Spokesman

In 1979, President Carter Famously Said America Was Facing A “Crisis Of Confidence”:

President Carter, In 1979: “It Is A Crisis Of Confidence. … The Erosion Of Our Confidence In The Future Is Threatening To Destroy The Social And The Political Fabric Of America.” CARTER: “I've worked hard to put my campaign promises into law -- and I have to admit, with just mixed success. … I want to talk to you right now about a fundamental threat to American democracy. … The threat is nearly invisible in ordinary ways. It is a crisis of confidence. … The erosion of our confidence in the future is threatening to destroy the social and the political fabric of America.” (President Jimmy Carter, Remarks At The White House, 7/15/79)

Three Decades Later, America Is Facing Another “Crisis Of Confidence” With Bad News Continuing To Mount About The Obama Economy:

Economic Confidence Continued To Decline In July. “Consumer spending in the U.S. continued to decline during July as consumer sentiment about the economy waned and expectations about personal finances were unchanged, according to Discover Financial Services' (DFS) U.S. Spending Monitor. The poll index, which tracks economic confidence and spending intentions of about 8,200 consumers a month, declined 1.4 points to 89.3 points last month.” (Tess Stynes, “Discover: Consumer Confidence Falls In July,” The Wall Street Journal, 8/8/12)

• The Wall Street Journal Headline: “Discover: Consumer Confidence Falls In July” (Tess Stynes, “Discover: Consumer Confidence Falls In July,” The Wall Street Journal, 8/8/12)

“Consumer Confidence Has Fallen For The Third Straight Day And Reached A New 2012 Low For The Second Time In Two Weeks.” “Consumer confidence has fallen for the third straight day and reached a new 2012 low for the second time in two weeks. The Rasmussen Consumer Index, which measures consumer confidence on a daily basis, fell four points on Wednesday to 77.2. Confidence is down eight points from a week ago, down 13 points from a month ago and down 14 points from three months ago.” (“Consumer Confidence Falls To Another 2012 Low,” Rasmussen Reports, 8/8/12)

Last Week, Bloomberg’s Consumer Comfort Index Found That “Americans’ Views On The Economy Slumped To A Five-Month Low.” “Consumer confidence in the U.S. dropped last week to the lowest level in two months on mounting concern over the state of the economy. The Bloomberg Consumer Comfort Index fell to minus 39.7 in the week ended July 29 from minus 38.5 in the previous period. Americans’ views on the economy slumped to a five-month low.” (Michelle Jamrisko, “Consumer Comfort in U.S. Falls On Concern Over Growth: Economy,” Bloomberg, 8/2/12)

But The “Crisis Of Confidence” Isn’t The Only Parallel Between President Obama And President Carter:

Under President Obama, The National Unemployment Rate Has Increased To 8.3% -- The Highest Rate In Five Months.  “The unemployment rate ticked higher to 8.3% in July from 8.2% in the previous month. This is the highest rate since February.” (Greg Robb, “Nonfarm Payroll Up 163,000 In July, Rate At 8.3%” MarketWatch, 8/3/12)

• In 1980, President Carter Faced A National Unemployment Rate That Was A “Matter Of Great Embarrassment” To His Re-Election Campaign. “It is a matter of great embarrassment to Carter -- and an example of his failed economic policies, his critics say -- that the nation's unemployment rate is now 7.5 percent of the labor force, virtually the same as when he defeated Gerald Ford in 1976, promising he could do much better.” (R. Gregory Nokes, “Carter, Reagan Have Differing Economic Plans,” The Associated Press, 11/2/80)

President Obama Shattered His Pledge To Cut The Deficit In Half In His First Term. “The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013. The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit. The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president’s budget claims it will be $901 billion in 2013.” (Jake Tapper, “Obama’s Broken Deficit Promise,” ABC News, 2/13/12)

• President Carter “Failed In His First-Term Promise To Balance The Budget By 1981” And Ended 1980 With The Second-Largest Deficit On Record At The Time “Carter failed in his first-term promise to balance the budget by 1981. His administration ended 1980 with a budget deficit of $58.9 billion, the second largest on record, and projects a deficit of $30 billion for 1981. The president has offered no new target for balancing the budget.” (R. Gregory Nokes, “Carter, Reagan Have Differing Economic Plans,” The Associated Press, 11/2/80)

In The Last Month, Gas Prices  Have Begun To Skyrocket Nationwide. “Nationwide average gasoline prices are now 30 cents higher than they were just five weeks ago. They are now at the midway mark between this year's high price of $3.94 a gallon -- hit April 5 -- and the recent low of $3.33 hit just over five weeks ago, according to AAA.” (Steve Hargreaves, “Gas Prices Climb 30 Cents A Gallon,” CNN Money, 8/7/12)

• Under President Carter, Families Faced Gas Prices That “Seemed To Jump” Every Time They Filled Up Their Gas Tanks. “As Americans approached Labor Day 1979, the signs of discontent that would devastate the Democrats in 1980 already were clear. The price of gasoline seemed to jump another nickel a gallon every time the family car needed another fill-up. Months of chaos in once-friendly Iran raised the spectre of even higher prices and possibly a return to gasoline lines.” (Donald M. Rothberg, “A Presidential Campaign Long In The Making,” The Associated Press, 11/8/80)