With several partisan plans for budget austerity on the table, and with the budget situation shaping up as one of the main issues in the upcoming presidential campaign, the anti-austerity faction has been busy hauling the tar barrel out of the garage and trying to tar the GOP in particular with the image and memory of Herbert Hoover – you know, that laissez-faire guy who sat on his hands in the White House while the country slid ever more deeply into the recession.
Never mind that this is a caricature of Hoover that gets everything wrong. Robert Murphy, in an incisive post over at the Ludwig von Mises Institute, neatly uses the liberal pundits’ own words to discredit the point they are trying to make. It really is one of the more irksome yet persistent myths of American history that Hoover was a free-market ideologue who sat out the onset of the Great Depression – in fact, he was the most interventionist chief executive outside of war up to that time, and FDR merely extended and expanded Hoover’s interventionist agenda.
Coolidge and Harding are the two presidents whose policies provide a sharp contrast to those of both Hoover and FDR. It is a matter of conjecture what Calvin Coolidge would have done differently, had he been in office when the depression set in. If his life story, his philosophy, and his actions as chief executive are any guide, it is reasonable to assume that he would have stayed pat and attempted to steer the country through a brief albeit severe recession as Harding had done in 1920/21. There really is no way of knowing whether this would have worked better than the Hoover/FDR policies, other than the undisputable fact that these latter policies demonstrably did not work and the country was not lifted out of the depression until WWII.
Finally: remember that Coolidge had no great love for Hoover and famously remarked that “that man has given me nothing but unsolicited advice, all of it bad.”