Any student of economics knows that inflation emerged as a big issue in the late 1970’s, first under the presidency of Jimmy Carter. The newly minted Saturday Night Live rose to the occasion. First, Dan Akroyd as Jimmy Carter proposed that that every American take 8 per cent of his or her money and burn it (Season 3, Episode 17, 4/15/1978), to reduce the money supply.
The President demonstrated leadership here by burning 8% of the $12.50 in his daughter’s little peanut bank:
A few months later (Season 4, Episode 4, 11/4/1978), the President changed his mind. Since austerity did not seem to be working, he offered a new approach – – “Inflation is our friend”:Continue reading