Some economists argue that Hoover and his protectionist Congress helped to provoke the Great Depression, and that some of Roosevelt's policies helped prolong it. Lyndon Johnson broke our economy for a generation and accomplished little, other than making this country into a parody of its finest ideals. Then there was the first Bush's Voodoo Economics. People forget that under Republican idol Reagan, unemployment climbed to 11%. (The sky didn't fall, btw.) It recovered to 7% and he was reelected in a 49-state landslide. He wasn't responsible for the slide, but might be credited with aspects of the economic improvement--mainly because he backed off and let the marketplace work. (Cracking the Russian spine didn't hurt, either; that left us the only superpower.)
But Reagan made mistakes; greed exists and more controls were needed, not less. Clinton made the economy worse at first and was heading for a Carter-like tragedy (Clinton's healthcare reform would have wrecked us, had it passed); but in his second term, working with a new Republican majority, Clinton improved the economy tremendously, created jobs, and left a huge surplus in our treasury.
Those halycon days were followed by the 8-year Bush-Cheney-Paulson debacle that squandered that surplus, and broke our economy, to boot. Those anti-halycon days were followed by the much-heralded Obama ascension. His incredible attempt to prove that we can spend our way out of apocalypse-level debt and reclaim our economic throne is just more government economics. It uses Monopoly money. It's truly unbelievable that anyone buys this nonsense. Nor do we understand that these policies are dragging us down to a level where the Chinese--who have been exporting to us for decades and using our money to buy natural resources across the globe--can supplant us on economic and other levels. Get ready. You won't like it, either.
Government economics--and it has no ideology or party affiliation--is bullshit. It's greed, stupidity and ego, and often coalesces into a mindless juggernaut. It can cause great damage, but has little chance to improve our economy, except through correcting the original government excesses. Fat chance of that. The worst excesses are sitting on their butts in Congress, greased by lobbyists and reelected over and over again to districts who only want their share. “Quo usque tandem abutere, Catilina, patientia nostra?”I know, it's not exciting stuff; it happens behind doors, under the table, off-record. And the world will always be with us. But occasionally it's a bit too much, even for me.