Volcker wrote in his memoir that when he told Carter about the 2x4 solution, he followed it by saying 'I can fix stagflation, but it'll cost you re-election'. C

Volcker wrote in his memoir that when he told Carter about the 2x4 solution, he followed it by saying 'I can fix stagflation, but it'll cost you re-election'. Carter told him to do it anyway, initiating a several year recession (basically the country taking it's belated lumps) indeed costing Carter re-election. In comes Reagan - who had opposed this ultimately effective strategy during the election - and gets credit when it finally pays off. So Carter gets blamed both for causing stagflation (Nixon's fault) and for failing to resolve it (which he actually did). Doing the right thing is for chumps.