Kind of ironic at the end of the day that Hoover would preside over one of the deepest economic depressions to strike America. But in 1928 times were hopeful. The economy had reached full employment with only 2% unemployment and the middle class was growing rapidly. The quote captured Hoover's desire to fully eliminate poverty as a social ill. What undid this prosperity was that it was completely built on a speculative bubble. When it burst, it had an impact that first hit America hard then it spread throughout the world, as trade wars further slowed the economy down.
(2 voted this helpful, 0 funny and 0 agree) | 