The President and American Capitalism since 1945

This chapter notes the decline of presidential studies in the historiography of the United States and observes that this volume will contribute to a renewed interest in the topic. The chapter also introduces the major themes explored throughout the book. Finally, it provides brief summaries of the following fifteen chapters.

Computerizing America

From its military origins during the Cold War, the computer migrated into the civilian sector. Aerospace and defense corporations led the nation into the digital age, with presidents urging for its wider and wider applications. Recent presidential elections (and politics in general) have increasingly relied upon advancing computer technology.

From Educator to Creditor in Chief

American higher education expanded significantly in the economic boom years following the Second World War. The federal government underwrote the growth of these institutions as providers of mass education and as modern research universities. Presidents played a key role in nurturing the nascent student loan industry.

Presidents, the Federal Budget, and Economic Good, 1946–2008

Especially since passage of the Employment Act of 1946, American presidents have used the federal budget to promote economic growth. They frequently raised or lowered taxes to stimulate or curtail investment. Thus, the creation of budget deficits and surpluses became major tools for presidents in their stewardship of the U.S. economy.

Presidents, the Military-Industrial Complex, and the Ascendant Politics of “Free Enterprise”

Since 1945, chapter 4 argues the American military has been privatized and de-militarized. The armed forces became less responsible for weapons production and global logistics. The Pentagon has relied increasingly upon commercial vendors and private contractors to occupy the Oval Office and has followed President Herbert Hoover’s call for the expansion of private enterprise in military affairs.

“The Follow-Through Is the Key”

Presidents took special interest in energy production and development, which had major implications for environmental protection, trade policy, and national security. This case study, involving Enron’s CEO Kenneth Lay, demonstrates the complexity of energy politics. In their dealings with Lay, three U.S. presidents modified their relations with Enron to reflect changing national priorities.

The President, Congress, and Federal Social Policy in the 1970s

Rather than a sharp break from the liberal policies of the 1960s, the 1970s constituted a period of gradual transition to the following conservative decades. Under President Jimmy Carter, the federal government continued to actively engage with the problem of poverty. Carter embraced the new Public Service Employment program, which provided 750,000 jobs for the poor. This chapter suggests an alternative view of the War on Poverty’s end.

Executive Stewardship of America’s Credit Card Economy

Under the auspices of the Credit Control Act of 1969, President Jimmy Carter sought to restrict inflationary forms of credit—especially the use of credit cards. These unpopular actions contributed significantly to his loss of the presidency to Ronald Reagan in the 1980 election. Other presidents in recent decades have instead encouraged Americans to make extensive use of credit cards.

The Antigovernment Impulse

Presidential candidates on both the left and the right have, since the 1960s, criticized the government for its size, overreach, and inefficiency. Once elected, these presidents made few changes and continued delivering the programs and social goods Americans demanded. Such actions devalued civic virtue, sacrifice, and the public good, which decreased the likelihood of finding collective solutions to problems affecting the entire polity.

Consumer in Chief

Chapter 2 discusses sweeping changes in the post-World War II U.S. as the nation became the world’s economic powerhouse. The author emphasizes the key role of presidential leadership in constructing the emerging “consumer’s republic.” With several examples, he illustrates how presidents utilized the “bully pulpit” to foster consumption.