George W. Bush is FDR or Hoover?

This is a great letter to the editor from the Chair of the school of Economics at George Mason University”

“Dear Editor:

Your equating George W. Bush with FDR is spot-on (“Franklin Delano Bush,” October 20).  Both presidents recklessly increased government’s role in the economy – a move that proved (in FDR’s case) and will prove (in Bush’s case) to do nothing but saturate the economy with such uncertainty as to frighten away entrepreneurs and investors.

But popular history will almost surely remember Bush, not as a second FDR, but as a second Herbert Hoover.  The myth will be made that Bush was a staunch free-marketeer who was succeeded in the Oval Office by a charismatic saint whose hyperactive interventions saved the economy (even though precious little evidence of economic salvation will appear in the data).  History will forget Bush’s interventions just as it has forgotten Hoover’s – as it has forgotten that Hoover signed the largest tariff hike in U.S. history; as it has forgotten that Hoover tried to create jobs by deporting hundreds of thousands of Mexicans; as it has forgotten that Hoover signed the Emergency Relief and Construction Act, the Federal Home Loan Bank Act, and created the Reconstruction Finance Corporation; as it has forgotten that, with the Revenue Act of 1932, Hoover raised the top marginal tax rate on personal incomes from 25 percent to 63 percent (in addition to raising the corporate-tax rate).

History will repeat itself, blaming capitalism for a problem caused and intensified by government interventions.

Donald J. Boudreaux”

This is why I am having a hard time voting for a Republican in this next election. It is voting for this partial Republicans that make Capitalism turn rotten. To the average American person, if you asked them who the party of free marketeers are they would say Republicans. In platform, this is probably true. In practice it is not. The Republican party has only produced a few Presidents who were free-market leaning and even the most recent one was plagued with national security spending.

When FDR took over the White House and started his socialistic policies an advisor was quoted in saying that the policies that they are doing are just like the ones Hoover did. Hoover was a progressive, he was the creation of people trying to pick the better of the two evils. So in short, we are screwed in this next election.


Published in: on November 3, 2008 at 12:06 pm  Comments (1)  
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One CommentLeave a comment

  1. I have a little exercise I like to do. I STOP worrying about the economy, the gold prices rising at a scary pace, a new rev…. I just STOP thinking about all that. does burrying my head under sand make me an ostritch?

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