Just because he got filthy rich inventing the vacuum cleaner doesn’t mean he knew macro.
Yes, they were on the gold standard, but the forces at work took us off it about a year and a half later.
Statement by President Herbert Hoover on March 8, 1932.
“Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business. I cannot overemphasize the importance of the able nonpartisan effort being made by the Ways and Means Committee and the Economy Committee of the House whose work are complementary to each other.