More New Deal Parallels

http://www.futureofcapitalism.com/2009/12/more-new-deal-parallels

Amity Shlaes spoke of some of the Obama-FDR parallels in her Hayek Lecture. The American Spectator has an extended article along some of the same lines by Burton Folsom that includes some wonderful facts about Herbert Hoover's predecessor, Calvin Coolidge. Coolidge: "I agree perfectly with those who wish to relieve the small taxpayer by getting the largest possible contribution from people with large incomes. But if the rates on large incomes are so high that they disappear, the small taxpayers will be left to bear the entire burden." More, according to Mr. Folsom: in the 1920s, "Entrepreneurs enjoyed one of their most creative periods in U.S. history: from radios to sliced bread to Scotch tape, inventors marketed new products. Older inventions finally secured the capital to emerge: air conditioners, refrigerators, vacuum cleaners, and zippers thus found their way into millions of households across America. U.S. patent numbers were higher in 1929 than in every year thereafter until 1965." When Reagan became president, "he put Calvin Coolidge's picture up in the cabinet room."

by Editor  |  Dec 1, 2009 at 1:40 pm Related Topics:  Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list