LyrArc Article Gist
In 2024 US inflation was 2.9%. The problem in 2025 that elected DJT was immigration and borders, and the deindustrialization that has taken place over three decades in the US, first with Japanese trading practices and now with Chinese trading practices and state capitalism. The deindustrialization created the supply shock during the pandemic. It also has destroyed American manufacturing and factory jobs and communities in the US, shattering the middle class. This requires an Amendment to the Federal Reserve Act of 1913 to set a goal of reindustrialization as part of the Fed's mandate. 

The 1970's were a period of high inflation that led to US central bank the Fed under Paul Volcker making an effort under president Carter to tackle inflation. It was 6.7% in 1977 in the first year of the Carter administration rising to 13.5% in 1980 when Carter was defeated in one term. This is why the 1977 Amendment to the Federal Reserve Act of 1913 stressed the goal of price stability and maximum employment as goals for the Fed. The Fed Reserve Act of 1913 did not state the goals as it was designed to setup a central bank for the US under Woodrow Wilson and it focused on setting the institution of the central bank the Federal Reserve, its regional banking structure and the governors, their terms of office.