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Supply-side economics, a policy advocating lower taxes and less government regulation of business, gained popularity during the 1970s, a decade in which the U.S. economy suffered from the chronic economic problem of stagflation. High unemployment, high inflation, and sluggish economic growth characterized stagflation, which worsened during the second half of the decade. During the campaign of 1976, Jimmy Carter had complained about the misery index: the combined rates of inflation and unemployment, which stood at more than 13 percent on Election Day. Four years later, when Carter sought a second term, the misery index had reached a painful 21 percent.