Back to the Good Ole Thirties
December 12, 2010
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Republican politicians despise FDR and his big government response to the Great Depression and it’s fascinating how much the current debate echoes the arguments put forth in the 1932 presidential campaign. Mr. Hoover “believed the cure for the Depression was to prime the pump at the producer end, helping factories and business owners get up and running again. Goods would roll of the line, prosperity would follow” (Timothy Egan, The Worst of Hard Times, p. 133). The wealthy engineer president was a forbearer of trickle-down economics who had predicted that prosperity for all was just around the corner if those 25% unemployed folks would just get off their backsides and get a job.
The Democrats wanted to raise taxes on the rich and institute an estate tax.
Eighty years later, we’re having the same debate.