Actually, the pubs did impose the 21% tax
Carter appointed Paul Volcker (a republican) as head of the federal reserve.
Volcker increased the intrest rates during the Carter administration. A president does not have the power to change these rates and cannot fire the fed reserve head. They are appointed for a specific number of years.
With that said, Volker increased rates due to runaway inflation from the Johnson/Nixon administrations.
He used this method to stop runaway inflation. It worked, but not until Reagan was in office. And of course Reagan received credit for the recovery.
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In response to this post by gulfportdawg)
Posted: 08/10/2016 at 1:40PM