Published July 31, 2020
The trouble is that people do not pinch pennies in a crisis. What they want and need is support to keep them from going under, and they expect the federal government to provide it. Herbert Hoover prioritized balancing the budget over federal spending in the depths of the Great Depression, even going so far as to veto a multibillion-dollar relief bill in the election year of 1932. He got shellacked in one of the greatest landslides in U.S. history, a political debacle that made the Democratic Party the natural majority for nearly 40 years.
Henry Olsen is a senior fellow at the Ethics and Public Policy Center.