Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business.

Frankly, that bears more than a passing resemblance to quite a bit of the Democrats’ rhetoric on the economy, as well. And yet Hoover had an excuse: The economics profession had not yet advanced to the point where it knew what to during a liquidity trap. What’s our excuse?