Recently I finished a great (and long) book about the Great Depression called The Dark Valley. After the stock market crash of 1929, during all the time until Franklin Roosevelt took office in March of 1932, Republican President Hoover DID NOTHING to simulate the economy, and almost nothing to aid the millions of new unemployed. He simply followed the economic orthodoxy of the age and cut spending in an effort to balance the budget.
Hence the infamy in which the name “Hoover” is still held.
Now the Republicans are about to follow in that Republican President’s footsteps. They’re trying to either defeat the President’s stimulus bill or turn it into yet another round of tax cuts for affluent people.
Tax cuts, Paul Krugman has explained, don’t stimulate the economy as well as direct expenditures that go to hire poor and working class people do. (I understand from elsewhere that that’s because such people spend the money right away, causing it to “turn over” quickly in the economy.) See Krugman’s discussion of the respective stimulative effects of spending and tax cuts here:
We have had tax cuts up to the gills for 8 years. They’ve helped to bring us to where our economy is now. Don’t let the Republicans get yet another round of them, at the same time crippling President Obama’s stimulus package.
Call your Senator and ask him or her to vote for the package that comes from the Democrats, not the Republicans, and to vote to cut off debate if the Republicans try to filibuster.
Republican policies are busted, broke, discredited, old, worn out, proven to fail, and OVER. Please don’t let them do it again.
Here’s where you can find how to contact your Senator. It’s important to do it today.
And, as lagniappe, here’s a post by a man who is better at explaining these things than I:
And, finally, a response to Republican anti-New Deal historical revisionism: