Having lived through the 70's and experienced what complete democratic control of washington is like, I think I'm qualified to make some predictions as to how things will go over the next four years. You can throw some insults, proclaim The One is our savior and all, but in the end Obama and this Congress will be judged on their record. Call me a skeptic, my experience indicates Obama's brand of 'change' may not go as well you 'hope'.
The similarities between this election and the 70s and the 1976 election are striking:
- Unpopular war
- Poor economy
- Oil Crisis
- Hangover from an unpopular President (Nixon)
- Relatively weak Republican candidate (Ford)
- Inexperienced Democratic candidate who came out of nowhere (Carter)
- Electorate wanted "Change"
Carter elected and then:
- Economy gets much worse: Stagflation
- Double-digit inflation coupled with very high interest rates
- Prime interest rate hits 21.5 percent in December 1980! (Hiighest rate in U.S. history)
- High unemployment
- Slow economic growth
- Oil Crisis (1979)
- Weaker foreign policy; Increased isolationism
- Slashed defense spending
- Soviet invasion of Afghanistan
- Iranian Hostage crisis and weak, inept response
1980 Election:
- Reagan defeats Carter in landslide (489 electoral votes compared to Carter's 49)
- One term presidency for Carter
- Reagan revolution begins