He has a way of making you think you should like him, doesn't he? But when I heard of this tax cut, no spending cuts bill, Hoover came to mind, followed by Great Depression. All we need is someone causing a panic in the markets and the Great Depression will look like "Happy Days Are Hear Again!" in comparison.
Yes he did, but all of that followed the tax cut of 1929 as a means to boost business and consumer confidence, with the idea that it would then help the economy, even while the markets were in the midst of a freefall.
Hoover then tried to tax and spend his way out of what might have been a normal economic recession/depression—shorter lived and thus easier to weather and recover from—but as we know it had the opposite effect. And then FDR kept up those policies and pushed them even further.
Trump is not another Hoover yet, and there's still other factors that don't quite exist as it did in Hoover's time, but the moment something major goes wrong in the markets, my guess is, the taxes come roaring back and up goes the spending.
Coolidge thought Hoover was an idiot. Unfortunately, Coolidge was an honorable man and stayed with the two-term unspoken agreement based off of Washington's actions and then broken by FDR.
He has a way of making you think you should like him, doesn't he? But when I heard of this tax cut, no spending cuts bill, Hoover came to mind, followed by Great Depression. All we need is someone causing a panic in the markets and the Great Depression will look like "Happy Days Are Hear Again!" in comparison.
Hoover raised taxes/tariffs and spending.
Yes he did, but all of that followed the tax cut of 1929 as a means to boost business and consumer confidence, with the idea that it would then help the economy, even while the markets were in the midst of a freefall.
Hoover then tried to tax and spend his way out of what might have been a normal economic recession/depression—shorter lived and thus easier to weather and recover from—but as we know it had the opposite effect. And then FDR kept up those policies and pushed them even further.
Trump is not another Hoover yet, and there's still other factors that don't quite exist as it did in Hoover's time, but the moment something major goes wrong in the markets, my guess is, the taxes come roaring back and up goes the spending.
Coolidge thought Hoover was an idiot. Unfortunately, Coolidge was an honorable man and stayed with the two-term unspoken agreement based off of Washington's actions and then broken by FDR.