On deregulation, Biden would be wise to emulate Carter administration WashTimesOpEd
should honor him by embracing a Carter-style deregulation agenda to reduce inflation and boost the economy.will be remembered for many reasons — ranging from the economic “stagflation” that riled the country during his term to the Iran hostage crisis, his efforts to rein in federal spending through “zero-based budgeting,” and his post-presidency humanitarian efforts — one of his most enduring legacies is deregulating major swaths of the economy.
One of the reasons air travel has become so common and affordable for most Americans is because of the airline deregulation Mr. Carter supported. Before deregulation, commercial airline routes and fares were established by the CAB, limiting competition. As a result, business travelers and the wealthy accounted for most of the people who could afford to travel by air.
Ultimately, inflation is caused by too much money chasing too few goods. Inflation is brought down both by constraining the money supply and increasing the supply of goods and services. The high inflation from the Carter years didn’t come down until after the Federal Reserve under Paul Volcker — whom Mr. Carter had appointed central bank chairman in 1979 — tightened monetary policy during the Reagan administration.
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