Biden and Carter share a common phenomenon ... having a Presidency strongly impacted by an unanticipated event (by virtually everyone) that largely doomed their chances for reelection. For Carter, it was 2 major events, the first was the 1973 oil embargo, a political decision by OPEC rather than an economic decision (they were honked because we supported Israel in a military conflict largely between Israel and Egypt / Syria). Had they had any idea how controlling the supply of oil could/would turn the worldwide oil market on it's head, the 25-35 cents a gallon for gas in the 60s would not have happened. Worldwide oil prices shot up quickly and inflation increased during the Nixon-Ford years ( 3.3% in 72, 6.2 in 73, 12.3% in 1974, 6.9% -1975). Inflation was down during the first year of Carter's presidency 4.9% in 76, but then climbed/reached to 6.7% in 77, 9% in 1978 and ballooned to 13.3% in 1979. In Reagan's first year 1980, inflation was 12+% however, by 1983, Reagan's last year, the 4 years of inflation included 13+%, 10.3%, 6.10% and 3.2% reflecting a steady decline The second event was the Iranian hostage crisis carried out by essentially young Iranians who were pizzed because they believed the U.S. was attempting to undermine the Iranian Revolution. When the hostage rescue attempt failed, the Carter administration was doomed. Also, monetary policy favoring large deficits helped fueled inflation during his administration.. A new economic term was coined .... stagflation! The hostages were released when the new President was sworn in on 1-20-1980.
Biden's unanticipated event occurred during the last year (2020) of the first Trump presidency .. a worldwide pandemic (Covid) which did lots of things (too numerous to mention here) including disrupting the supply chain and promoting large government expenditures (Covid relief). Inflation was soon to follow (Trump in 2020 =1.23%, Biden in 2021-2024 = 4.70, 8.0, 4.12, 2.5 ; while not overly large, its resistance to easing, plus high grocery prices and Biden's "senior" mannerisms (remember the debate debacle) made his chances for reelection slim at best, perhaps closer to nonexistent. Given Carter's early successes at deregulation in the airline, trucking and communications industries to name a few, and his continuing public service (at home and abroad) after his presidency, I suspect historians will be somewhat kind to him ... recognizing/arguing that factors beyond his control had much to do with his one term in office.
Biden's unanticipated event occurred during the last year (2020) of the first Trump presidency .. a worldwide pandemic (Covid) which did lots of things (too numerous to mention here) including disrupting the supply chain and promoting large government expenditures (Covid relief). Inflation was soon to follow (Trump in 2020 =1.23%, Biden in 2021-2024 = 4.70, 8.0, 4.12, 2.5 ; while not overly large, its resistance to easing, plus high grocery prices and Biden's "senior" mannerisms (remember the debate debacle) made his chances for reelection slim at best, perhaps closer to nonexistent. Given Carter's early successes at deregulation in the airline, trucking and communications industries to name a few, and his continuing public service (at home and abroad) after his presidency, I suspect historians will be somewhat kind to him ... recognizing/arguing that factors beyond his control had much to do with his one term in office.