Why Did President Hoover Refuse to Employ Deficit Spending During the Great Depression?

Question by :]: Why did President Hoover refuse to employ deficit spending during the great depression?

Best answer:

Answer by mshsandiego
Is this more along the lines of what you are looking for?

Hoover seems to have felt that many programs, including deficit spending, would move the country closer to socialism. Obviously this was a big concern, with the Bolshevik Revolution and Hitler’s Fascism on the radar screen.

“he refused to involve the Federal government in forcing fixed prices, controlling businesses, or manipulating the value of the currency, all of which he felt were steps towards ‘socialism’.”

“he cared for common Americans too much to destroy the country’s foundations with deficits and ‘Socialist’ institutions.”

From Letter #2:
“will we swing to the ‘right’ or to the ‘left’. I fear first the ‘left’ and then when the great middle class (80% of America) realizes its ruin, it will drive into some American interpretation of Hitler or Mussolini.”

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