In 1980, Republican Ronald Reagan challenged and defeated Democrat incumbent Jimmy Carter for U.S. president as gas prices soared, inflation raged, the dollar sank and fears of a recession spread. The current presidential election is reminding many of that contest. "Reagan rode in on a wave of unhappiness," said Allen Sinai, chief economist for Decision Economics. "Right now, Sen. [Barack] Obama and the Democrats are riding those waves of discontent."
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