Pictured: President Gerald Ford's campaign to solve a problem created by Jimmy Carter

President Gerald Ford's campaign against inflation, which was all Jimmy Carter's fault

Carter ruined the economy in the 1970s, and Reagan rescued it. That’s the phony narrative you see again and again from conservative pundits.

The stagflation of the 1970s, for instance, and the hapless liberal response, helped usher in Ronald Reagan’s revolution.

Two Republican presidents occupied the White House from 1969-1977, but this inconvenient fact is always omitted when conservatives blame “the 1970s” on Carter.

To accept this narrative requires ignoring other inconvenient truths as well: Nixon’s wage and price controls in 1971 sent inflation rates through the roof, and Jimmy Carter’s fed chairman, the socialist Democrat Paul Volcker (who is currently in the Obama administration), ultimately solved the problem of stagflation.

This “monetarist” theory was put into effect by Paul Volcker when he was Chairman of the Board of Governors of the Federal Reserve System in the late 1970s and early 1980s. He raised interest rates and reduced the money supply. The country entered a recession, unemployment went up, but inflation came down very fast.

Also, among Carter’s “hapless liberal” responses to the lousy economy he inherited, unfortunately, was a new era of deregulation, which conservatives to this day are still insisting is the answer to everything.

None of that fits the narrative.