Browsing the archives for the Taxes and spending tag

The Real Herbert Hoover Record

With the after-effects of the so-called “Great Recession” still lingering — unemployment is still at close to 9%, even after the “stimulus” spending of nearly a trillion dollars (spending that was supposedly necessary to keep the unemployment rate below 8%), and economic growth is still sluggish — and the landslide election victories for Republicans in November 2010, there is now real debate around cutting government spending at the local, state, and federal level.

Predictably, such calls for fiscal discipline bring the inevitable references to President Herbert Hoover and his response to the stock market crash of 1929 and his response to what would become the Great Depression. According to the conventional narrative, it was Hoover’s supposed laissez faire inaction that was the catalyst for the economic malaise that consumed the United States for the next decade and a half.