My New Cato Briefing Paper on Herbert Hoover
The Cato Institute has released my Briefing Paper titled "Herbert Hoover: Father of the New Deal." I try to cover all the major evidence for Hoover's role as precursor to FDR and why connecting him with laissez-faire is simply wrong. Here's the Executive Summary:
Politicians and pundits portray Herbert Hoover as a defender of laissez faire governance whose dogmatic commitment to small government led him to stand by and do nothing while the economy collapsed in the wake of the stock market crash in 1929. In fact, Hoover had long been a critic of laissez faire. As president, he doubled federal spending in real terms in four years. He also used government to prop up wages, restricted immigration, signed the Smoot-Hawley tariff, raised taxes, and created the Reconstruction Finance Corporation—all interventionist measures and not laissez faire. Unlike many Democrats today, President Franklin D. Roosevelt's advisers knew that Hoover had started the New Deal. One of them wrote, "When we all burst into Washington ... we found every essential idea [of the New Deal] enacted in the 100-day Congress in the Hoover administration itself."
Hoover's big-spending, interventionist policies prolonged the Great Depression, and similar policies today could do similar damage. Dismantling the mythical presentation of Hoover as a "do-nothing" president is crucial if we wish to have a proper understanding of what did and did not work in the Great Depression so that we do not repeat Hoover's mistakes today.
comments powered by Disqus
- Clinton-Trump Debate Expected to Be Rare Draw in a Polarized Age
- Obama hails opening of the African American Museum
- Palestinians' Abbas seeks British apology for 1917 Jewish homeland declaration
- Anger as Churchill's home turned into Hitler HQ for Transformers 5
- CIA: “Pinochet personally ordered” Letelier bombing
- Karl Dietrich Bracher, German Historian of Nazi Era, Dies at 94
- Allan Lichtman predicts Trump will win
- Doris Kearns Goodwin scores an interview with Barack Obama
- Art historian Kellie Jones wins a MacArthur Foundation “Genius” grant
- Historians note that prisoners have been treated inhumanely throughout American history