John--you still don't read very carefully.

Exactly where did I say high inflation was Reagan's fault?    What I said was that Reagan got credit for Volcker's successful campaign against inflation--and that Carter, who put Volcker in to do the job, got no credit--and in fact is still attacked by many people who have no idea about economics and the role of the Fed. I hope that does not include you.

I did point out that inflation peaked in 1981--which illustrates the point I made about lag times.