A repository of John's recommended Wall Street Journal articles.
Friday, April 4, 2008
WSJ.com - Hoover's Heirs
The problem with Hoover's economic policy isn't that it was passive but that it was actively destructive.
In 1930, he signed the Smoot-Hawley Tariff Act, setting off a wave of protectionist retaliation that undid the globalization of the preceding decades and did far more harm to the world economy than the stock-market crash ever did. Two years later...he undid the Coolidge-Mellon tax cuts, raising the top marginal income-tax rate to 63% from 25%. The recession became a Depression.
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