Was Carter right?

Today marks the 31st anniversary of President Jimmy Carter’s famous ‘malaise’ speech. On July 15, 1979, Carter, then running for re-election against Ronald Reagan, ignored the advice of his campaign team and gave Americans a grave warning. The nation, he said, was facing a fundamental “crisis of confidence”. (He didn’t actually use the word malaise.)
 
“Too many of us now tend to worship self-indulgence and consumption,” he said. “Human identity is no longer defined by what one does, but by what one owns. But we’ve discovered that owning things and consuming things does not satisfy our longing for meaning. We’ve learned that piling up material goods cannot fill the emptiness of lives which have no confidence or purpose … The symptoms of this crisis of the American spirit are all around us.”

His message was clear: if Americans didn’t check their dependence on gargantuan amounts of foreign oil and their drift towards an all-consumer culture, the country was in peril.