Rewriting History

In response to this column by Paul Krugman in the Chronicle, I sent the following letter:
re:  Millions of unemployed left behind by Washington

Paul Krugman is a Nobel Prize-winning economist, but his knowledge of history is lacking.  He decries calls for budget discipline as "Herbert Hoover economics", yet it was President Hoover who approached the Great Depression in the exact manner that Professor Krugman advocates on a regular basis.  As President, Hoover raised taxes on "the rich", increasing the top income tax rate from 25% to 63%, and government spending on a per capita basis increased by 88% during Hoover's time in office.

Upon taking Hoover's place as President, Franklin Roosevelt responded to his predecessor's failure to abate the Great Depression by doubling down on the failed policies:  he raised taxes even further and spent even more taxpayer money.  The result was a continuing Depression until the advent of World War II.  It would appear that Professor Krugman's prescriptions for economic recovery are as lacking in effectiveness as his commentary is lacking in historical accuracy.

Sincerely,
Dave Smith
Houston, TX

 

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