Former President Jimmy Carter was in the news yesterday for criticizing George W. Bush’s presidency and the war in Iraq. Carter used the phrase “worst president in history”. Even thought he limited his judgement to foreign affairs, I believe this was a bit “over the top”. I’d imagine that the conservative bloggers and lists are having a field day with this. I mean, Carter did not exactly receive high marks for his handling of the Oval Office either.
The former President would stand on much firmer ground had he criticized Mr. Bush for our nation’s current energy situation. Gasoline is hitting $3 a gallon, and may not go back down again (or if so, not for long). And Iran is only a few years away from testing a nuclear weapon. Once that happens, gasoline prices could triple. Yep, $9 to $10 a gallon. Once people start paying $250 to fill up their SUV’s, they may not have much cash left for another spending binge down at the mall. Consumer spending will thus be ratcheted downward. Malls might start going bust. Commercial real estate prices will collapse. The banks will stop making loans, and the economy will be headed for a nasty and long recession. Unemployment and inflation will zoom back up to levels not seen since – well, since the Jimmy Carter Presidency.
What could be done to stop or avoid this? Trying to bomb Iran will probably only make things worse. Besides, they reportedly have most of their nuclear development sites in “hardened” locations. About the only sensible thing would be to jumpstart the alternative energy and energy efficiency industry with federal subsidies (in lieu of some or all of the subsidies we currently give the big energy and utility companies for their use of fossil fuels). Which is just what Carter tried to do. But Ronald Reagan pulled the plug on this, and no president since then has shown any interest in renewing it. The attitude is, “let the free market resolve it all”. Well, the free market led this nation into the Great Depression of the 1930’s. Sometimes a little collectivism is needed to avoid the worst pitfalls of economic freedom.
Once gas prices hit $4 or $5, which might not be too long from now, people might be finally be willing to listen to Carter regarding energy. He might thus save his reputation for that moment, instead of wasting his credibility taking cheap shots at GWB, pointing out things that even the most hard-assed guys sitting in VFW and American Legion halls in West Virginia and Missouri and Montana are coming to see. Jimmy, keep your cool. Your moment of redemption for the 1977 cardigan sweater speech is coming.