Tag: Herbert Hoover

The Deficit Witchhunt: Self-Immolation Time.


“The terms on which the U.S. government can borrow now are exceptionally advantageous. And because of high unemployment the benefits of boosting government purchases and cutting taxes right now are exceptionally large…[R]ight now, as best we can tell, an increase in federal spending or a cut in taxes will produce (in the short run) no increase in interest rates and hence no crowding-out of productivity — increasing private investment. Indeed, government spending that adds to firms’ current cash flow may well boost private investment and so leave us, dollar for dollar, richer after the effect of the stimulus ebbs.“

As the recent wave of deficit hysteria hits the G20, prompting a frightening and idiotic retreat back into Hooverism (As Krugman put it: “Utter folly posing as wisdom“), economist Brad DeLong explains once more the the case for deficit spending during a recession. THIS IS NOT ROCKET SCIENCE, people (which is why 3/4ths of voters already get it.)

Fine, We’ll Do It Without You.

“‘There will be people in districts all over the country that will wonder why, when there’s a good bill to get the economy moving again, we still seem to be playing political gotcha,’ White House press secretary Robert Gibbs said in an interview.” Well, so much for the post-partisan era. Despite several attempts at across-the-aisle diplomacy by the new administration, the House passes President Obama’s stimulus bill 244-188 without a single Republican vote. Sigh.

Perhaps a little history lesson is in order. Journey with me, if you will, back to 1993, the last time a new Democratic president tried to work with this same crew of jokers on a new, recession-busting economic plan. As you may remember, Clinton’s 1993 budget also passed the House and Senate without a single GOP vote. Let’s see what the Republicans had to say back then (courtesy of some old, off-line research of mine):

Dick Armey (who, btw, made an embarrassment of himself on national television last night): “This bill would grow the Government…shrink the economy” and “will mean fewer jobs for ordinary Americans.” [Congressional Record, 8/5/93]

Newt Gingrich: The bill will “kill jobs and lead to a recession” that would “force people off of work and onto unemployment and will actually increase the deficit.” [Houston Chronicle, 8/7/93, 1993; AJC, 8/6/93]

Bob Dole: The bill “would take America in the wrong direction.” [WP, 8/4/93]

Ronald Reagan (yes, they wheeled him out with talking points): The bill will “only cause the deficit to increase and will likely wreck any hopes for economic recovery.” [“Just Say No to Clinton’s Package,” NYT op-ed, 8/3/93]

Rush Limbaugh: True to form, the GOP’s poster boy bet the DNC $1 million on the air that three of the following five things would happen by 1996: 1. The deficit would grow. 2. Unemployment would rise. 3. Inflation would swell. 4. Interest rates would surge. 5. The President’s approval rating would fall below 45 percent. [ James McTague, “Off to the Races,” Barron’s, 3/18/96]

Well, I’m sure I don’t need to remind you of the untold economic devastation that was the remainder of the Clinton years. (If you’re keeping score, Rush went 0-for-5, and never paid up.) As it turns out, just as with Boehner this time around, the GOP had decided beforehand they weren’t going to vote for any Clinton bill. As Bob Woodward notes in The Agenda (p. 109), Dole told Clinton this three weeks before the bill was even proposed.

Then as now, the modern Republican party doesn’t seem to understand the first thing about basic economics (their right-wing dogma precludes any grasp of Keynesianism, I guess.) They don’t seem to “get” rudimentary American history. (I’ve seen so many dumb things written about Herbert Hoover and the 1937 “Roosevelt recession” — which was caused by spending cuts and fiscal retrenchment by the FDR admininstration, not “over-regulation” — by right-wingers of late that it’s hard to even know where to begin.)They don’t seem to understand basic politics. (The American people have obviously voted for action, and a path away from Dubyanomics. Getting in the way of this bill won’t “reboot” their party in any way, shape, or form.) At this point, it’s an open question whether they can distinguish their asses from their elbows.

So…can we please stop spoon-feeding these guys now? The GOP has proven yet again that they’re not looking to play ball. If they want to be on the wrong side of the problem as usual, let them. It’s useless to spend any more time bending over backwards to accommodate their lousy, discredited ideas and inchoate, faith-based economic beliefs. It’s time to move on.

Thoughts after the Quake.

“‘I was born in 1941, the year they bombed Pearl Harbor. I’ve been living in darkness ever since,’ Dylan said to introduce the song, or as a goodbye, or, as he hadn’t spoken before, as a hello. ‘But it looks like things are going to change now.’ At the end of the stage he stepped out from behind his electric organ and did a jig.“

Thus was the freewheelin’ Bob Dylan’s happy reaction to Obama’s election Tuesday night. (As you may remember, he publicly backed the senator in June.) For many others, including yours truly, the feeling of the evening might best be summed up by one of Dylan’s esteemed contemporaries, Leonard Cohen: “Hallelujah, Hallelujah, Hallelujah, Halleloooooojah!“

For the first time since 1994, we have a Democratic president and a safely Democratic Congress. For the first time since 1964, we have a Democratic president entering office with a commanding mandate from the people. For the first time since…well, ever, we’ve reaffirmed our founding principles by choosing an African-American to lead us into the future.

I don’t want to overplay the “first black president” thing, because that’s not at all why we chose Sen. Obama. Still it must be said: With this election, we have shown the world — and ourselves — anew that the American ideal isn’t just a convenient myth, but a vision of the good that many of us still aspire to create every day. In the words of Cornel West, “To understand your country, you must love it. To love it, you must, in a sense, accept it. To accept it as how it is, however is to betray it. To accept your country without betraying it, you must love it for that in it which shows what it might become. America – this monument to the genius of ordinary men and women, this place where hope becomes capacity, this long, halting turn of the no into the yes, needs citizens who love it enough to reimagine and remake it.” And so we have, in a way the founders of our American experiment 221 years ago could barely have imagined.

Meanwhile, even with crooks like Ted Stevens and Norm Coleman still floating for the moment, our old friends the Republicans are now not only in full rout, but appear to be set to tear each other’s throats out in assigning blame for their repudiation at the polls. (Expect several further symposia of conservative hand-wringing, and a lot more intraparty shivving, along the lines of “Palin thinks Africa is a country,” in the weeks to come.) This gang will regroup — they always do — but for now the GOP has enough problems of their own to keep them busy. And, whatever ever they manage to accomplish as the loyal(?) opposition, it seems a safe bet that the Conservative Era that began with the defeat of Barry Goldwater in 1964 has now officially coughed up its last in 2008, with the defeat of fellow Arizonan John McCain.

By the way, also joining the Republicans on the road to oblivion Tuesday night, alas, was my old laptop, a victim of post-return celebratory spillage. (Jamesons: Good for Jimmy McNulty and jubliant Dems, Bad for computer hardware in and around the television area.) Normally, inadvertently frying my growing-ancient-but-generally-reliable PC would’ve completely ruined my day. As it was, I took the news about like Baxter eating the whole wheel of cheese: “How’d you do that? Heck, I’m not even mad; that’s amazing.” (And, fortunately, the hard drive, and the dissertoral files therein, were salvageable regardless.)

One much more depressing skeleton at the feast Tuesday night, about which Ted at Gideonse Bible, Chris at DYFL, and others have written eloquently: the passage of the idiotic Proposition 8 in California, which seemingly won with quite a bit of help from first-time Obama voters. It’s irredeemably sad not only that a day that saw so much progress was marred by Prop 8 and its like around the country, but that so many of the voters who helped strike a fatal blow against enduring racial prejudice at the national level seemingly had no qualms about encoding anti-gay bigotry into the California constitution.

Perhaps I’m dense, but I fail to understand how the institution of marriage could somehow be threatened by the state recognizing the unions of same-sex couples, particularly in a day and age when so many straight folk (myself included) have already had marriages that failed. (As my old boss used to say of the thrice-married Bob Barr back when he supported the Defense of Marriage Act: “Which marriage is he defending?”) By the way, particularly galling on the Prop 8 front, I think, is the strong imposition of the Mormon church into the battle on the side of the anti-gay zealots. One would think, of all people, the Mormons might have some sense of the damage that can be wrought by the state involving itself in stringent definitions of marriage. But, no, apparently what was good for two ganders in the eyes of the Mormons isn’t good for the goose. For shame.

Still, the Prop 8 debacle notwithstanding (I have every faith that within a decade, that law will seem as knee-jerk, narrow-minded, and embarrassing as it in fact is), Tuesday was otherwise a great night for America. What it now befalls us to remember is that, while we should savor them while we can, the path of progress before us will likely offer few such moments of jubilation in the months and years ahead. When it comes to change, it really is “uphill all the way.”

Given the economic and diplomatic travails already before President-elect Obama, he’ll have his work cut out for him from jump street. And those out there old enough to remember President Clinton’s first days in office, and how quickly things seemed to go south then (the sanity-restoring ’93 budget bill notwithstanding) will know that a Dem president and Dem Congress is no guarantee of progressive legislation in the offing. We won’t see the change we want — and voted for — without maintaining steady and unyielding pressure on all the machinery of government in the months and years to come. Now is not the time to sit back and let our new president try to do all the heavy lifting, but to stay involved as citizens and keep the progressive ball moving forward. (And, hey, keeping one’s head in the game may help to mitigate those postpartum existential crises The Onion warned us about.)

In an election held eighty years ago (i.e. in the living memory of one Ann Nixon Cooper), Herbert Hoover, the longstanding Secretary of Commerce widely revered as “the Great Engineer” and “the Great Humanitarian,” decisively defeated Al Smith, the Catholic Governor of New York. “Given a chance to go forward with the policies of the last eight years,” Hoover had promised in his nomination speech, “we shall soon with the help of God be in sight of the day when poverty will be banished from this nation.” And, while he obviously had his detractors, many across the country viewed Hoover as a miracle-worker who could singlehandedly steer the country to these new great heights. “We were in a mood for magic,” journalist Anne O’Hare McCormick wrote of the Hoover inauguration. “We summoned a great engineer to solve our problems for us; now we sat back comfortably and confidently to watch the problems being solved.“

For his part, Hoover was less sanguine about his prospects. “They have a conviction that I am some sort of superman, he fretted. “If some unprecedented calamity should come upon the nation…I would be sacrificed to the unreasoning disappointment of a people who expected too much.“

Who among us think Hoover a superman now? History doesn’t stop with a war or an election or the collapse of a governing ideology, be it Communism or Conservatism. It grinds inexorably on, always uncertain, always equal parts danger and opportunity, and all too often deeply laced with irony — Time and time again in our American story, nothing succeeds like abject failure, and nothing fails like a great success. So let’s not rest on our laurels by any means: The election of 2008 was a campaign hard-fought and hard-won, but the battle continues, and in many ways the real work before us is only now just beginning.

Let us look to navigate the turbulent waters ahead with a deep and abiding faith in our new captain, but also with our own eyes to the sea.

(Presidents pic via Hal at Blivet and Patrick at Supercres.)

He knows Hoover, and Hoover is no GWB.

“Even revisionist historians who view Hoover kindly concede that his was a failed presidency. Still, it’s unfortunate that commentators and politicians are employing ‘Hoover’ as an epithet for inaction. His White House tribulations consumed only four of more than 90 years studded with extraordinary achievements- — as Great Engineer, as World War I Food Czar, and, above all, as Great Humanitarian.” In light of recent events, esteemed historian William Leuchtenberg rides to the rescue of the Great Engineer, and attempts to set the record straight on comparisons of Dubya to Herbert Hoover. “In contrast to George W. Bush,” he concludes, “President Hoover moved in unprecedented ways to cope with economic calamity.“

Worst President Ever?

“Calamitous presidents, faced with enormous difficulties — Buchanan, Andrew Johnson, Hoover and now Bush — have divided the nation, governed erratically and left the nation worse off. In each case, different factors contributed to the failure: disastrous domestic policies, foreign-policy blunders and military setbacks, executive misconduct, crises of credibility and public trust. Bush, however, is one of the rarities in presidential history: He has not only stumbled badly in every one of these key areas, he has also displayed a weakness common among the greatest presidential failures — an unswerving adherence to a simplistic ideology that abjures deviation from dogma as heresy, thus preventing any pragmatic adjustment to changing realities.” As seen all over the place, historian Sean Wilentz wonders aloud in Rolling Stone if Dubya is the worst president in American history.

To my mind, the only other president that even comes close is James Buchanan. Sure, Warren Harding was lousy, but he knew it (“I am a man of limited talents from a small town. I don’t seem to grasp that I am President.“), and thus didn’t go out of his way to be actively terrible like Bush has been. (Plus, for all the corruption of the Ohio gang, Harding’s cabinet also included Charles Evans Hughes, Andrew Mellon, and Herbert Hoover, all impressive in their own right.) Speaking of Hoover, both he and Ulysses Grant have been given a bad shake. Even if the Depression basically ate his administration alive, Hoover — once renowned as the “Great Engineer” — was a more innovative president (and empathetic person) than he’s often remembered. And Grant’s administrations, although plagued by corruption, at the very least tried to maintain Reconstruction in the South. (In fact, I’d argue that Grant’s sorry standing in presidential history is in a part a reflection of the low esteem in which Reconstruction was once held by the now-woefully obsolete Dunning School.) Regarding the other Reconstruction president, Andrew Johnson is assuredly down near the bottom too, but to be fair, he faced an almost impossible situation entering office in the time and manner he did, and — as with Clinton — his impeachment was a bit of a frame-job. And Richard Nixon, for all his many failings, had China (as well as the EPA despite himself, and, although it didn’t pan out, the Family Assistance Plan.) Nope, I think it’s safe to say that we may be experiencing perhaps the most blatantly inept, wrong-headed, and mismanaged presidency in the history of the republic. Oh, lucky us.