President Eisenhower had three recessions in his eight-year presidency. Taxes were raised to increase revenue. The last time taxes were raised, tax revenue from businesses actually decreased. When he left office, taxes were very high and business was very sluggish.
PRESIDENT JOHN KENNEDY came into office during the third recession. Times were hard. His advisors suggested he follow the approach of President Calvin Coolidge. President Coolidge had reduced taxes and lessened the influence of government. The result then was the ‘Roaring 20’s.”
President Kennedy reduced taxes and relaxed some regulations on business. After just 2 years, the economy was expanding and unemployment was greatly reduced.
President Franklin Roosevelt inherited a recession from President Herbert Hoover. President Roosevelt tried to stimulate the economy with government programs. There was the WPA, the CCC, and numerous other government programs. The economy improved a little.
However, the improvement did not last. After five years, the economy had slipped into another recession with unemployment higher that in 1932. More government programs did not help.
If the Japanese had not bombed Pearl Harbor and the Germans had not declared war on the United States, one can only speculate how long The Great Depression would have lasted. Would our form of government even survive?
President Barack Obama inherited a recession from President George W. Bush. President Obama appears to be following the example of President Roosevelt by initiating government programs. There was “The Stimulus” that would prevent unemployment from reaching 8 %. There was “Cash for Clunkers” that would revive the auto industry. The government bailed-out Chrysler and General Motors. Chrysler is now a subsidiary of the Italian company Fiat.
Remember the ‘shovel-ready’ jobs? Then there was Quantitative Easing I and II and now talk of QE III.
Unemployment has been at or above 8% since the recession officially ended 2 years ago. The economy is struggling as an anemic rate. The biggest achievement of President Obama has been a 50% increase in the national debt. It is now over $16,000,000,000,000.00 and growing at a rapid rate.
In November, we will either continue the policies of Roosevelt/Obama or make a change. We could certainly use someone with the approach of Coolidge/Kennedy. Where is Harry Truman when we need him?
Marvin Jones, Hollister
