Which party held the Presidency in 1981? Oh, thaT’s right, the party of economic geniuses.
Carter was president until January 1981. Reagan took over after that. Reagan and Paul Volker were largely credited with installing the policies that broke the back of inflation. Volker controlled m1 and m2 money supply. Remember when interest rates were 18%? Reagan cut regulations, cut marginal tax rates, simplified the tax code, controlled government spending, wrecked the Soviet Union, etc ... The two primary contributors to inflation- government spending and expansive monetary supply were controlled. Supply side economics as a theory, and espoused by Milton Friedman and others, led the revolution and is a fundamental underpinning of today's federal economic policy. We learned that regulatory reform is the easiest budget neutral way to spur growth. Cut the EPA, cut OSHA, cut labor regs, remove stupid overreach by the federal bureaucracy...no green new deal, encourage fracking...
It was a hangover of the Carter years.
It took 4 to 5 years, starting in 1979, to fundamentally change this country. That revolution was influenced by the greatest thinkers in history- Freidman, Hayek, Burke, Jefferson, Hamilton and Madison.
The thinking of Jimmy Carter, Keynes, Marx and Lenin were shown as hollow.
The intellectual underpinnings of Biden are also hollow.