In one of his books, Paul Volcker wrote about how, when inflation was raging in the late 1970s, he understood that the Fed would have to tighten the money supply in order to squeeze inflation out of the economy. Upon becoming Fed. chairman in August, 1979, Volcker told Carter exactly that, adding that tightening the money supply would would undoubtedly cause a recession ---- which would certainly impact Carter's re-election chances. Carter told Volcker to do it. Then the Carter administration initiated the credit-control program in March, 1980, precipitating that recession. Carter and Volcker essentially engineered the recession, knowing what it would probably sink Carter's chances at re-election. But they were successful, and inflation wasn't a thing for decades ... until Trump.