Historians will treat him well:

Why did things get so bad under Carter? And that's a long story. The fundamental reason, however, is he made mistake after mistake, blinded by the leftist rhetoric his party adopted after the infamous '72 Democratic Convention, when the so-called New Left seized control.

In office, Carter adopted the Keynesian economics of the time, buying into the theory that there was a reverse "trade-off" between inflation and unemployment an idea that proved spectacularly wrong. The U.S. became mired in "stagflation," with both inflation and unemployment rising sharply.

As things grew worse, Carter sharply boosted government spending. When that didn't work, he blamed the American people. "I think it's inevitable that there will be a lower standard of living than what everybody had always anticipated," he told advisers in 1979. "The only trend is downward. But it's impossible to get people to face up to this."

Those remarks were followed by his now-famous "malaise" speech in which he unveiled six proposals — including import quotas, windfall profits taxes and increased spending on alternative fuels — to combat higher oil prices charged by OPEC. Nothing about tax cuts. Nothing about finding more energy. In short, he told Americans to consume less, but pay more.

"We have learned that 'more' is not necessarily 'better,' and that even our great nation has its recognized limits," Carter said, borrowing heavily from the "limits to growth" movement that swept liberal intellectual circles in the '70s.

With public anger growing and his own polls lagging, Carter started wearing sweaters and encouraging us to turn down the thermostat. But his big spending didn't work. The resulting budget deficit, 12 times bigger than the one President Nixon left, gave him a serious public relations problem.

On this score, Carter might have escaped his own malaise if he had cut taxes to get the economy going again. But even with marginal income tax rates at a hefty 70%, he accepted the common wisdom that a tax cut would boost inflation and lower government revenue. He was dead wrong.

As noted in "The Commanding Heights," a leading economic history of the last century, "Carter's attempts to follow Keynes' formula and spend his way out of trouble were going nowhere."

Eventually (but grudgingly), Carter did agree to slash the tax rate on capital gains to 28% from 40%. But that didn't kick in until 1979. By then it was too late to help him politically.

See any similarities to the current administration here?