Herbert Hoover: Winning

[phantom power]

I think there’s an argument to be made that Herbert Hoover gets a bit of a bum rap, but even a more sympathetic analysis would not leave the 31st President’s economic policies looking particularly good. And yet Hoover has won. Read his statement from March 8, 1932, and tell me that there’s one elected Republican who disagrees with any part of it:

Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business.

Frankly, that bears more than a passing resemblance to quite a bit of the Democrats’ rhetoric on the economy, as well. And yet Hoover had an excuse: The economics profession had not yet advanced to the point where it knew what to during a liquidity trap. What’s our excuse?

http://www.washingtonpost.com/blogs/ezra-klein/post/herbert-hoover-winning/2011/08/12/gIQALKEVbJ_blog.html

[elocs]

1. Now how did that ever turn out for Hoover and America?

I'm guessing, not good, huh?

[hifiguy]

2. True enough, but then the country elected

a REAL Democrat to get things moving again. We thought we did that already. Silly us. We were suckered, and royally.

[lumberjack_jeff]

3. Yes. HE didn't know better. We do. n/t

[unblock]

4. of course republicans would disagree with hoover.

in that quotation, hoover was open to "the least increase in taxes".
today's republicans advocate no increase in taxes whatsoever.


oh and by the way, republicans aren't into austerity because they think it will improve the economy.
they're into austerity because limiting obama's spending limits obama's and the democrats' power and re-election chances.

give the republicans the white house and suddenly they say that deficits don't matter. AGAIN.

[Supersedeas]

6. subtle distinctions, but in the attitude and approach Hooverism is alive and well

[leveymg]

5. I thought I was electing another FDR, but Herbert Hoover won. No wonder HH is being

rehabilitated, along with his pre-Keynesian economics. Herbert Hoover wins!

But, I wouldn't be the first to point that out.

[Hart2008]

7. In '32 Hoover argued that "prosperity is just around the corner."

Does that sound like it could be someone else's line in 2012?