Herbert Hoover is Alive and Well in the GOP

Herbert Hoover and his GOP Congress believed in lack of regulation and letting the markets correct themselves.  In the process, unemployment went to 25% and those 25% depended on soup kitchens for all their sustenance.  There was either little or no formal welfare then, so the you can't say that the state support for the indigent incentivized the unemployed to remain unemployed.  There was insufficient demand for things that these unemployed could have produced so there was no incentive to hire them.

Now we have a GOP that is saying cut taxes to create incremental demand.  Well how this is that supposed to work.  As RedStateVT posted, only 50% of the population pays taxes and most of them will save any tax reduction to reduce their debt or invest it.  The only demand the Bush II tax cuts stimulated was for housing and look where that took us.  Maybe the way out of this is to raise taxes on those who can afford it and use the money to pay for infrastructure that is in desperate need of renewal and provide jobs to anyone who can use a backhoe and dig a ditch, which is almost anyone with a high school education.

However, we know the GOP will use their veto power to try and prevent this or at least push the dollars in the direction of the Defense Department rather than somewhere that will employ a lot of people over the age of 40.

With the GOP prisoners of Grover Norquist, they want to leave everything to the market and eliminate any implementation of Keynesian economics.  That is the economic policy direction of every GOP presidential candidate and it certainly looks like Herbert Hoover's policies.

Well, what would be the stock market value in an economy that is imploding from no regulation (Bush II again) and zero belief in Keynesian Economics.  The GOP voters don't think about that and the GOP leaders cannot tell them the truth.