Saturday, April 16, 2011

The Economically Pivotal Presidency

When looking over the statistics on which president was the most irresponsible spender, an interesting feature of the data became apparent. The first time the data was presented, the most obvious thing to note was that George W. Bush was the worst spender. Further analysis presents another interesting fact – the pivotal role in history of Herbert Hoover. Every president before Hoover had smaller deficits than Hoover. Every president after Hoover had larger deficits than Hoover.

-99,776,642,401.45 Bush Jr Term 1
-96,408,875,337.91 F Roosevelt Term 3
-90,255,665,689.94 Bush Sr
-63,508,876,217.31 Clinton Term 1
-60,226,092,484.91 Bush Jr Term 2
-55,620,058,613.77 Reagan Term 2
-37,083,571,857.12 Nixon
-34,590,184,231.84 Reagan Term 1
-31,541,432,371.56 Clinton Term 2
-30,632,171,603.66 Nixon / Ford
-30,513,251,062.43 F Roosevelt / Truman
-25,169,881,466.50 Carter
-22,277,279,516.03 Wilson Term 2
-19,947,226,430.95 L. Johnson
-14,907,433,625.97 Kennedy / Johnson
-9,064,312,546.96 F Roosevelt Term 1
-8,064,456,770.95 Eisenhower Term 1
-7,979,119,959.91 Eisenhower Term 2
-5,516,035,432.17 F Roosevelt Term 2
-4,087,245,363.90 Truman
-2,006,485,523.53 Hoover
-1,750,942,082.69 Lincoln Term 1
-845,903,480.62 Lincoln / Johnson
-738,552,212.80 Wilson Term 1
-366,738,464.61 McKinley
-362,676,610.68 T Roosevelt Term 2
-241,610,193.89 Taft
-181,124,526.17 Cleveland Term 2
-126,862,797.32 T Roosevelt Term 1
-82,125,195.84 Madison Term 2
-32,869,749.98 Buchanan
-23,583,209.73 Polk
-19,154,479.48 Taylor / Fillmore
-18,210,776.96 Tyler
-6,534,247.41 Washington Term 2
-3,535,830.77 VanBuren
-3,450,826.53 Jefferson Term 1
-1,764,448.14 Washington Term 1
745,788.38 Monroe Term 2
785,877.72 John Adams
19,986,580.07 Madison Term 1
21,230,802.91 Jefferson Term 2
22,794,733.90 John Quincy Adams
24,284,722.13 Jackson Term 2
34,226,803.81 Pierce
36,319,367.59 Monroe Term 1
43,152,808.69 Jackson Term 1
59,905,475.18 Hayes
72,820,997.22 Grant Term 2
104,415,146.68 Harrison
137,703,187.95 Cleveland Term 1
289,746,134.16 Garfield / Arthur
408,388,139.06 Grant Term 1
3,647,830,832.07 Coolidge
4,686,460,530.01 Harding / Coolidge



It was Herbert Hoover who created the programs that Franklin Roosevelt eventually collected in to the New Deal, and it was the New Deal, more than any other political-economic event that permanently cemented the government’s role in the economy.

Although other presidents can be credited with laying the necessary ground work for the New Deal, it was Hoover who took the final step and make it happen. F. Roosevelt’s only contribution was to make it permanent, an important step but not nearly as creative as what Hoover did. Economically speaking, Herbert Hoover was the pivotal president in American History.

2 comments:

Thomas M. Sipos said...

Are these numbers adjusted for inflation? Are they all in terms of 2011 dollars -- or what?

Ayn R. Key said...

They are all constant 1792 dollars.

My procedure - I used the treasury numbers for national debt, and with simple math got the yearly deficits. I converted those to 1792 dollars, and by adding them up in increments of four was able to get the constant term deficits.