In 1980, I bought a house in Portland, where I was hired as a teacher. My mortgage rate was 14.8%.
“Unheard of,” you say, youngsters? Oh, not so. Guess who was president? Jimmy Carter, a Democrat (Jan 20, 1977, to Jan 20, 1981). Nice man, but the economy was not his strong point. And, isn’t it “all about the economy”?
Inflation rates during his administration: 1978, 7.59%; 1979, 11.35%; 1980, 13.5%; 1981, 10.32%. Wow. He was succeeded by Ronald Reagan, a Republican (Jan 20, 1981, to Jan 20, 1989). In his first year of office, the inflation rate dropped to 7%, the second year to 3.21% and since has averaged under 3%.
I have now been a retired teacher for many years and have not worried about my relatively fixed income … until now. Over the last couple of years under this new administration, a Democrat, I have watched prices and salaries (not mine) go through the roof. I am worried now.
This year’s overall inflation rate is 7.5%, and gas is up 40%. Welcome back, Carter!
Note that the inflation rate during the “dreaded” Trump administration, a Republican, averaged under 2% despite the dire warning by previous president Obama that the doldrums experienced during his presidency were the “new normal.”
Is math science? Last I knew, it was. “Follow the science” when you vote.
Bob Kammann
Westport Island
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