Reagan? Close, Jimmy Carter? Don’t make me laugh? George Bush the One, not quite. Calvin Coolidge? No. Gerald Ford? Ha, ha…
Actually, William Jefferson Clinton leads the pack with increasing jobs 11.5% in his first term, and then another 11.2% on top of his first term results. That is the highest any president in recorded history increased the amount of work available for its nation’s citizens. Who was second? Reagan’s second term, 10.8… His first term was a modest 5.1%… Who will you guess is third?
Jimmy Carter, the much maligned president who put peace in the Middle East, and generated an increase of 10.3 % new jobs, which started to collapse almost as soon as Reagan began to talk about cutting taxes…
The president behind the greatest tax cut in history, George W. Bush, created the second lowest number of jobs, Zero point zero 0.0 his first term, and 1.1% his second. He is only beaten on the low end by Herbert Hoover, the last person who pushed tax cuts through Congress….
Harding was 4.5%…. Coolidge, the darling of the tax cutting Republicans, held at a 2.2% increase….
Just looking at this chart of number of jobs created under each president, is it obvious that under the tax increasors… Bill Clinton,(11.5) RONALD REAGAN (10.8), and Jimmy Carter (10.3)…
When you want to destroy, crash and burn the economy, you give the wealthy tax cuts, just like Hoover (-6.9), George W. Bush (0.0). or Dwight Eisenhower (0.8), or Calvin Coolidge, (2.6)…..
Incidentally following Coolidge, Eisenhower, Bush (W), and Hoover, were devastating depressions. The years of Carter, Reagan and Clinton, we were all doing pretty well……….
Tax cuts are bad. America is bleeding red… Slashing more open wounds, certainly won’t heal it…. Eliminate the Bush tax cuts and America will be at full steam in 6 months. Things will look better in 3….
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July 27, 2011 at 6:47 am
hoboduke
Don’t knock president Hoover! He did raise taxes since the government income was dropping, and he was setting up trade tariffs to protect the jobs of USA. I applaud president Obama for following the Hoover plan, and we know how well that worked.
July 28, 2011 at 2:27 am
kavips
Vacuum Cleaner Facts…. (Hoover facts)
Hoover feared that too much intervention or coercion by the government would destroy individuality and self-reliance…
Hoover rejected direct federal relief payments to individuals, as he believed that a dole would be addictive, and reduce the incentive to work..
He was also a firm believer in balanced budgets, and was unwilling to run a budget deficit to fund welfare programs…
n 1929, Hoover authorized the Mexican Repatriation program to combat rampant unemployment, reduce the burden on municipal aid services, and remove people seen as usurpers of American jobs. The program was largely a forced migration of approximately 500,000 Mexicans and Mexican Americans to Mexico, and continued until 1937….
In June 1930, over the objection of many economists, Congress approved and Hoover signed into law the Smoot–Hawley Tariff Act. The legislation raised tariffs on thousands of imported items. The intent of the Act was to encourage the purchase of American-made products by increasing the cost of imported goods, while raising revenue for the federal government and protecting farmers. However, economic depression now spread through much of the world, and other nations increased tariffs on American-made goods in retaliation, reducing international trade, and worsening the Depression….
Hoover in 1931 urged the major banks in the country to form a consortium known as the National Credit Corporation .. The banks within the NCC were often reluctant to provide loans, usually requiring banks to provide their largest assets as collateral. It quickly became apparent that the NCC would be incapable of fixing the problems it was designed to solve…
Hoover and the Congress approved the Federal Home Loan Bank Act, to spur new home construction, and reduce foreclosures. The plan seemed to work, as foreclosures dropped, but it was seen as too little, too late…..
Prior to the start of the Great Depression, Hoover’s first Treasury Secretary, Andrew Mellon, proposed and saw enacted, numerous tax cuts, which cut the top income tax rate from 73% to 24% (under Presidents Warren G. Harding and Calvin Coolidge). When combined with the sharp decline in incomes during the early depression, the result was a serious deficit in the federal budget. …
Congress, desperate to increase federal revenue, enacted the Revenue Act of 1932, which was the largest peacetime tax increase in history…The Act increased taxes across the board, so that top earners were taxed at 63% on their net income. The 1932 Act also increased the tax on the net income of corporations from 12% to 13.75%. Again the plan seemed to work, as unemployment peaked just prior to passage, and begin to drop, but it was seen as too little, too late…..
Unfortunately Roosevelt, his successor, would get all the credit for bettering the economy, since the benefits derived from the tax increase proposed by Hoover, waited until 1933 to take effect………..