Barack Obama is Herbert Hoover : Democracy Project: “I was speaking to my good freind, Professor Gerald Matacotta tonight and he explained that the major issue we are now facing is the economy and on this issue Barack Obama follows in the footsteps of Herbert Hoover, who was a Republican in name only (RINO). Rather, he was a progressive and a social engineer, who funded massive public works programs with monumental tax increases. The stock market crashed occurred in 1929 during the first year of the Hoover administration. Hoover raised corporate and income taxes and imposed tariffs which sunk the country deep into the Great Depression. He instituted the Revenue Act of 1932 which was the largest tax increase in American history raising the income tax from 25% to 63% on the highest earners. The result of his tax increases took money out of the economy decreasing consumer and business spending, as homelessness, poverty, and bank failures grew out of control and unemployment soared to 25%. Hoover’s prescription for the stock market fall was to tax the people more and use the funds for public works, as government took over more and more of the private sector.

This sounds similar to Obama’s prescription for the present financial predicament we are facing. Some of the details of Obama’s vague plan reveal that it would be the largest tax increase in over a decade, raising taxes on the incomes”