President Hoover was afraid to commit the government to the things that were necessary to pull us out of the Great Depression; he was afraid government would get too big. (Does that sound familiar?)
It took President Roosevelt more than eight years to pull us out of the depression in the 1930s, and he had the ability to get the government to act. President Obama has been at it for less than four years, with an uncooperative Congress. He has made amazing progress, especially in producing over 4 million new jobs in these troubled times. We must not be impatient.
Not only was the 2008 Recession the worst since the depression of the 1930’s but some say it may have been just as bad, if not worse, if Obama and Geitner and Paulson had not acted quickly with the bailouts, the TARP moneys, the stimulus, etc. This Week magazine says there is a remarkable consensus among economists on both the left and the right that the Obama stimulus was good. Some are proclaiming it a miracle.
Yet Republicans, especially Mitt Romney and Paul Ryan, say Obama is a failure and we need a change.
They argue tax cuts are needed instead. Not one single economist with first rate credentials from the nation’s top universities could be found to agree with them.
Do we really want the Hoover Republicans to take charge in the middle of this crisis? Haven’t we learned anything from history? Heaven help us and the economy if those who think like Hoover take over.