Tweedledee and Tweedledum

There is a very interesting paper from the Center for American Progress that reviews the record for the Depression-era president Hoover and the soon-to-be-a-two-recession-era Bush. The comparisons are haunting and bone-chilling. It is well worth reading the report.

It may seem premature to compare President George W. Bush to Herbert Hoover, the president who helped steer the economy into the Great Depression in 1929, and then presided over steady economic deterioration until the end of his term in 1933. After all, the current economic downturn under President Bush’s watch hasn’t even officially been declared a recession, while under Hoover the United States experienced four straight years of severe economic decline.

Yet close inspection of the economic track records and ideology of these two presidents reveals that they are quite similar. Both presided over a suddenly deteriorating economy yet resisted taking action to prevent further economic losses. Both believed the market would naturally self-correct, and that government intervention would be harmful. And both took limited government action once it became clear that it was needed—to help businesses, rather than working families—to weather the storm.