that is why I blame the Democrats because of the passage of the Humphrey–Hawkins Full Employment Act in 1978 which was passed by the 95th Congress which was controlled by the Democrats and Jimmy Carter held the White House who was a Democrat too.<quoted text>
Explicitly states that the federal government will rely primarily on private enterprise to achieve the four goals.
Instructs the government to take reasonable means to balance the budget.
Instructs the government to establish a balance of trade, i.e., to avoid trade surpluses or deficits.
Mandates the Board of Governors of the Federal Reserve to establish a monetary policy that maintains long-run growth, minimizes inflation, and promotes price stability.
Instructs the Board of Governors of the Federal Reserve to transmit an Monetary Policy Report to the Congress twice a year outlining its monetary policy.
Requires the President to set numerical goals for the economy of the next fiscal year in the Economic Report of the President and to suggest policies that will achieve these goals.
Requires the Chairman of the Federal Reserve to connect the monetary policy with the Presidential economic policy.
The Act set specific numerical goals for the President to attain. By 1983, unemployment rates should be not more than 3% for persons aged 20 or over and not more than 4% for persons aged 16 or over, and inflation rates should not be over 4%. By 1988, inflation rates should be 0%. The Act allows Congress to revise these goals over time.
That's exactly what the republicans did when Reagan became president because he used Paul Volker and the federal reserve exactly as the HHFE act intended.
As for the other provision none were even tried.
The only directive I would give the Federal Reserve is to close and disappear.
95th United States Congress
Duration: January 3, 1977 – January 3, 1979
Senate Majority: Democratic Party
House Majority: Democratic Party
Humphrey–Hawkins Full Employment Act