The worst president?

Over at the MoneyIllusion:

I had known for quite some time that Wilson’s economic policies were perhaps the worst in American history.  He presided over the creation of the Fed and the income tax, which went from 0% to something like 70% while he was president.  In the long run the Fed may have been a good thing, but there can be no doubt that 1913 was premature, we didn’t know anywhere near enough about monetary policy to warrant a central bank meddling in the gold standard.  He presided over a period of very high inflation after WWI, when we actually needed somewhat lower prices.  Then we had a severe depression in his last year of office.  Industrial production had fallen by 32.5% by March 1921 when Harding took office (and you think things are bad now!)

About these ads
Tagged

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: