Republican Party Platform of 1980

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Inflation

We consider inflation and its impact on jobs to be the greatest domestic threat facing our nation today. Mr. Carter must go! For what he has done to the dollar; for what he has done to the life savings of millions of Americans; for what he has done to retirees seeking a secure old age; for what he has done to young families aspiring to a home, an education for their children, and a rising living standard, Mr. Carter must not have another four years in office.

In his three and one-half years in office, Mr. Carter has presented and supported policies which carried inflation from 4.8 percent in 1976 to a peak of 18 percent during 1980.

He has fostered a 50 percent increase in federal spending, an increase of more than $200 billion, boosting spending in an era of scarce resources, and driving up prices.

He has through both inaction and deliberate policy permitted or forced tax increases of more than 70 percent, more than $250 billion, directly increasing the cost of living and the costs of hiring and producing. This has crippled living standards, productivity, and our ability to compete in the world. It has led to reduced output, scarcity, and higher prices.

He has imposed burdensome regulations and controls on production which have reduced the availability of domestic goods and energy resources, increased our dependence on imports, particularly in the energy area, driven down the value of the dollar, and driven up prices.

He has permitted continuing federal budget deficits and increased federal borrowing, forcing higher interest rates and inflationary money creation, increasing prices.

The inflation policies of the Carter Administration have been inconsistent, counterproductive, and tragically inept. Mr. Carter has blamed everyone from OPEC to the American people themselves for this crisis of inflation—everyone, that is, but his own Administration and its policies which have been the true cause of inflation.

Inflation is too much money chasing too few goods. Much can be done to increase the growth of real output. But ultimately price stability requires a non-inflationary rate of growth of the money supply in line with the real growth of the economy. If the supply of dollars rapidly outstrips the quantity of goods, year in, year out, inflation is inevitable.

Ultimately, inflation is a decline in the value of the dollar, the monetary standard, in terms of the goods it can buy. Until the decade of the 1970s, monetary policy was automatically linked to the overriding objective of maintaining a stable dollar value. The [p.29] severing of the dollar’s link with real commodities in the 1960s and 1970s, in order to pursue economic goals other than dollar stability, has unleashed hyper-inflationary forces at home and monetary disorder abroad, without bringing any of the desired economic benefits. One of the most urgent tasks in the period ahead will be the restoration of a dependable monetary standard—that is, an end to inflation.

Lower tax rates, less spending, and a balanced budget are the keys to maintaining real growth and full employment as we end inflation by putting our monetary policy back on track. Monetary and fiscal policy must each play its part if we are to achieve our joint goals of full employment and price stability.

Unfortunately, Mr. Carter and the Democratic Congress seek to derail our nation’s money creation policies by taking away the independence of the Federal Reserve Board. The same people who have so massively expanded government spending should not be allowed politically to dominate our monetary policy. The independence of the Federal Reserve System must be preserved.

The Republican Party believes inflation can be controlled only by fiscal and monetary restraint, combined with sharp reductions in the tax and regulatory disincentives for savings, investment, and productivity. Therefore, the Republican Party opposes the imposition of wage and price controls and credit controls.

Controls will not stop inflation, as past experience has shown. Wage and price controls will only result in shortages, inequities, black markets, and ultimately higher prices. We reject this short-sighted and misguided approach.

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Chicago: "Inflation," Republican Party Platform of 1980 in Donald B. Johnson, Ed. National Party Platforms, 1840–1976. Supplement 1980. (Champaign-Urbana: University of Illinois), Pp.28-29 Original Sources, accessed September 30, 2022, http://www.originalsources.com/Document.aspx?DocID=KRBJTHRLA8NAG7P.

MLA: . "Inflation." Republican Party Platform of 1980, in Donald B. Johnson, Ed. National Party Platforms, 1840–1976. Supplement 1980. (Champaign-Urbana: University of Illinois), Pp.28-29, Original Sources. 30 Sep. 2022. http://www.originalsources.com/Document.aspx?DocID=KRBJTHRLA8NAG7P.

Harvard: , 'Inflation' in Republican Party Platform of 1980. cited in , Donald B. Johnson, Ed. National Party Platforms, 1840–1976. Supplement 1980. (Champaign-Urbana: University of Illinois), Pp.28-29. Original Sources, retrieved 30 September 2022, from http://www.originalsources.com/Document.aspx?DocID=KRBJTHRLA8NAG7P.