|1928 Seeds Of The Great Depression Are Planted By Statists|
After the passage of the Fordney-McCumber Teriff of 1922, the economy became sluggish. During what would probably have been a cyclical recession, the Federal Reserve Board cut the money supply drastically, repeatedly increasing the discount rate to banks. The Fed, in this way, caused the economy to contract. Congress considered enacting the Smoot-Hawley Tariff Act; the markets reacted, and then they crashed in October of 1929.
Herbert Hoover signed Smoot-Hawley Tariff into law in 1930. Statists used the disruption that followed to extend their power reach. They now subsidized the same farmers and businesses that they had just hurt. Spending increased dynamically. Then, in 1932, Hoover signed the greatest peacetime tax increase in history.
Depression. Government-induced depression.
Roosevelt defeated Hoover by promising to cut taxes, spending, government, and subsidies. He lied. He continued to roll out the Hoover plan, renaming it, "The New Deal." Roosevelt's spending and make work programs extended the great depression rather than helping the situation. They also grew the Federal Government toward the monster that it is today.
Last updated: Dec, 2012
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