The passing of former President Jimmy Carter on Sunday at the remarkable age of 100 marks the end of a significant chapter in American history. Residing in his beloved hometown of Plains, Georgia, Carter leaves behind a multifaceted legacy that encompasses his tenure as the Governor of Georgia, his presidency, and his enduring commitment to humanitarian efforts that spanned decades. From running the local government to tackling international challenges, Carter’s journey was marked by trials and triumphs that shaped both his character and the nation.
Carter’s ascension to the presidency began in 1976 when he defeated then-incumbent Gerald Ford after a fierce battle against 16 contenders during the Democratic primaries. His earlier experience as Georgia’s Governor from 1971 to 1975 had set the stage for his national ambitions. However, it was his ability to navigate the contentious waters of civil rights during his service as a state senator from 1963 to 1967 that demonstrated his dedication to progress, albeit in a deeply divided South.
In reflecting on Carter’s contributions, Tim Storey, the CEO of the National Conference of State Legislatures, aptly described him as a “servant leader.” His commitment to public service was evident throughout his life, showing that leadership extends beyond the office and into the communities where leaders are rooted. His efforts to make a meaningful impact locally, nationally, and globally are commendable, and his legacy as a humanitarian resonates to this day.
However, Carter’s presidency was not without its struggles. It was characterized by significant animosity between the White House and Congress, including issues with members of his own Democratic party. Navigating through, or sometimes failing to navigate, the legislative landscape posed significant challenges during his term. The Energy Crisis, incited by oil embargoes from OPEC in the 1970s, created severe complications for the American economy, characterized by long gas lines and dwindling supplies. This tumult was compounded by soaring inflation rates that peaked at 13% in 1979, leading to crippling economic realities for many families.
In an attempt to curb inflation, Carter appointed Paul Volcker as Chairman of the Federal Reserve in 1979. Volcker’s drastic measures, which included increasing short-term interest rates to an astounding 20% by 1981, bear witness to the economic turbulence faced during Carter’s presidency.
Carter’s administration also intersected with one of the most pivotal financial crises in New York City’s history. When he took office, the city grappled with an $11 billion deficit and an operating budget deficit of $600 million. The urgency of the situation escalated as underwriters hesitated to finance the city’s operations, leading to the establishment of the Municipal Assistance Corporation, alongside a hike in subway fares and mass layoffs. With the situation worsening, President Ford’s administration briefly intervened, providing $2.3 billion in federal aid to stave off the looming disaster.
However, the struggle persisted, prompting Carter to devise a more sustainable rescue plan in 1978 as Ford’s aid phased out. His proposal included federal guarantees for up to $2 billion in long-term bonds sold to employee pension funds, creating a vital lifeline for the city’s fiscal recovery. This initiative allowed time for the city to reorganize its financial operations, ultimately aiding in its return to fiscal health.
In addition to economic reforms, Carter’s presidency witnessed significant strides in deregulation, fundamentally reshaping various sectors such as banking, airlines, railroads, and trucking. The Air Cargo Deregulation Act of 1977, the Staggers Rail Act, and the Motor Carrier Act of 1980 are hallmarks of his administration’s ambitious efforts that ultimately led to lower freight rates and enhanced competition in the industries.
Further cementing his commitment to social programs, Carter signed the Social Security Financing Amendments Act of 1977, which aimed to secure the system’s stability until 2030 by raising taxes while adjusting benefits. This balancing act underscored his understanding of the complex interplay between fiscal responsibility and the welfare of American citizens.
As a nation pauses to remember President Carter, President Joe Biden has declared January 9 a day of mourning, signaling the importance of Carter’s contributions to the fabric of American democracy. Organizations such as the Securities Industry and Financial Markets Association (SIFMA) have also echoed this sentiment, suggesting temporary market closures in honor of his legacy.
In his passing, Carter leaves behind a poignant reminder of the importance of public service, resilience in the face of adversity, and an unwavering commitment to humanitarian principles. His life, marked by both achievements and challenges, symbolizes the spirit of a leader dedicated to making a difference—not just for America but for the entire world.