Thursday, July 08, 2010

Prosperity is Just Around the Corner...

As the Great Depression took hold of the US in 1929, Republican Pres Herbert Hoover comforted the nation by predicting that "prosperity was just around the corner..." In reality, the US GDP dropped throughout Hoover's presidency, and economic growth was not restored until after Hoover left office in 1933. The GDP growth rates during Hoover's presidency (1929-1933) were frightful.

Ironically, Hoover rejected monetary expansion in favor of fiscal austerity, which only seemed to worsen America's economic troubles throughout his presidency. Franklin D Roosevelt, a Democrat and author of the "new deal" for America would be elected to four straight terms as US President starting in 1933. Following Roosevelt's death in 1945, Harry S Truman, another Democrat, would go on to occupy the Oval Office until 1953.

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