Even before the Iran oil shock, US economy was under stress

In the absence of a direct military threat against the United States, nothing should concentrate a president’s mind as much as the economy, especially when signs are pointing to possible “stagflation” if things continue as they are. Previous presidents understood this. We can’t be sure about today’s provocateur in chief.

Consider Gerald Ford. Though he lost the Bicentennial-year presidential election in 1976, nobody could accuse Ford of indifference to the economic hardships Americans were facing from inflation.