Wednesday, October 26, 2011

Obama's Great Depression: The President is Following in Herbert Hoover's Footsteps

Reason reports:
Hoover increased federal spending by more than 50 percent, signed the biggest peacetime tax increase to that point, lavished money on public works, and signed the disastrous Smoot-Hawley protectionist tariff. FDR slammed Hoover's "reckless and extravagant" spending and accused him of wanting to "center control of everything in Washington as rapidly as possible." Roosevelt's running mate, John Nance Garner, denounced Hoover for "leading the country down the path of socialism."

Hoover's massive government interventionism did not end the Great Depression. George W. Bush's rapid spending increases did not forestall the current malaise. And the massive government outlays of the past three years—federal spending has increased 30 percent; despite layoffs, state and local spending has grown, not shrunk—have not cured the country's economic ills, either. Yet the answer, say countless voices in the prestige press, is to stop Washington's ruinous "austerity" and start spending.

How many moons orbit the planet they're living on? If a $900 billion spending hike is austerity, what in the world does extravagance look like?
Some true historical facts instead the outright lies about Herbert Hoover and cutting government spending. Here's some more history your typical history teacher doesn't know or doesn't want you to know about Herbert Hoover and the Great Depression.