the gloom and doom obama administration should probably consider no longer using the phrase ‘since the great depression.’ and switch to ‘since 1982.’ it would be a much better way to spin the current financial situation to the media.
but if the obama administration wants to make the comparisons. here we go. during the early 1930s, the hoover administration signed into law the smoot-hawley act, which was essentially a protectionist move to prop up american companies and jobs (a bit like the buy american bits that are in the current stimulus package). tariffs were increased on imports coming into the u.s. the world in turn increased tariffs on american exports. this in turn pushed the u.s. and the rest of the world deeper into a depression.
next the hoover administration raised taxes at the beginning of the depression in the hope of balancing the budget. in barack obama’s faux stat of the union address –the address to both houses of congress, obama laid out his plan to tax individuals who make over 200K and couples who jointly make over 250K. raising the current tax rate to somewhere around 39%. and not allowing the same people to deduct their donations to charity. given that charities are where struggling americans have had to turn to for food, clothing, and additional help, this bit flies in the face of reason.
the primary differenceds (thus far) between the two administrations is that, well, herbert hoover believed in the bootstrap concept and that charities should help bail out americans. that too was a disaster. the stimulus package that barack obama has signed has some good stuff in it. but the bit about giving $10M to one of nancy pelosi’s pet projects to save some obscure mouse that lives along the coast of san francsico should not be in this package.