"High inflation and unemployment of the Carter years"?
Reagan was WORSE.
The Federal Reserve uses the Federal funds rate to control the interest rate banks charge for loans and pay for deposits.
It deposits credit onto the banks' balance sheets, giving them more reserves than they need. That means the banks need to lower the Fed funds rate to lend out the extra funds to each other. When the Fed wants rates higher, it does the opposite. It sells its securities to banks, removing funds from their balance sheet, giving them less reserves. This allows them to raise rates.
A higher Fed funds rate means banks are less able to borrow money to keep their reserves at the mandated level. This means they will lend less money out, and the money they do lend will be at a higher rate since. That's because they themselves are borrowing money at a higher Fed funds rate to maintain their reserves. Since loans are more difficult to get and more expensive, businesses will be less likely to borrow, thus slowing the economy. When the Fed raises rates, it's called contractionary monetary policy.
Historically, the Fed funds rate is usually between 2-5%. That's because the Federal Reserve has found that a healthy economy functions best with an inflation target of 2%.
Reagan raised it to 20%.
Then came the 10.1% unemployment.
18 million NET jobs.
Were those the ones he sent overseas or "you want fries with that"?
Bushes, Rove, Cheney, Rumsfeld?
All Reagan's boys.
Reagan took office in Jan 1981 and the inflationary rate was double digits, 11.83%, and had been for the previous 22 Months.
In two years the inflationary rate under Raegan had dropped to 3.71%. From that point on the inflationary rate never went above 5%, it being 4.67% in Jan 1989, when he left office.
I'm not sure how much control the President even has over the Federal Reserve as it took an Amendment by Sen. Bernie Sanders, to the Dodd/Frank Bill, just to get a 2 1/2 peek into their dealings.
Bush is a blue blood Rockefeller Republican and not one of Raegan's boys. Politics makes strange bedfellows----remember JFK/LBJ?